I too have 7.1 on my iPad 3. Battery life seems to have no difference than on previous iOS versions. However, unlike on my iPhones, I had to disable 'Reduce Motion' on the iPad 3 as enabling it would cause the animations (especially when going to an app from multi tasking) a lot of stutter. I personally much prefer the fade in effects to the zooming in ones.
I personally like the zoom effects the best but I decided to try the reduced motion and I had a 5 second lag going to the multitasking, but everything else was fine. The other transitions weren't really faster and I disabled reduce motion.
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UPDATE: I am really loving this battery! I have used this for around 6 hours today and it has been idle around 16 hours and I am still at 50% battery. The iPad 2 would die in 4-5 hours of use.