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Looks like the improvements to the reduce motion accessibility setting in iOS 7.0.3 effect animations now as well, more or less removing them and simply using a faster fade in/out type of effect.

The fade in and out effect is still sooooo slow. Now you have to choose between parallax and slow animations or no parallax and slow fade in and outs. If I'm gonna wait I might as well see the animations.
 
The fade in and out effect is still sooooo slow. Now you have to choose between parallax and slow animations or no parallax and slow fade in and outs. If I'm gonna wait I might as well see the animations.
The fade effect seems faster than zooming. It's not instant or really fast, but at least faster than zooming, at least it seems to be, which is one of the important things.

As far as separate controls, yes, it would be better if they had separate ones, but in the overall sense this is more of an improvement the way it is now compared to what it was like before.
 
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