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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.
 
People here are LYING to you, it's shocking, but all I see is lies, lies, and more LIES!
iOS 7 on the iPad 3 is extremely buggy... Try closing an app with it, Apple still didn't fix it! You know what else? iPad 3 is so slow, not worth the upgrade, it won't last too long until Apple drops support to it completely. They even showed it on their last iPad event, the iPad 3 processor is not much faster than its preceedor. It also lacks transparency. Just don't buy it, seriously, you'll regret it.

-a disappointed iPad 3 user.

Funnily enough my iPad 3 is fine. I'm not lying, it's just my experience is different to yours.

I believe you when you say you're having issues. But I'm not.
 
Funnily enough my iPad 3 is fine. I'm not lying, it's just my experience is different to yours.

I believe you when you say you're having issues. But I'm not.

You are one of the lucky people who don't see dropped frames or seem to notice them, and that's no bad thing.

I was talking to work colleague about their iPhone 4 when iOS 7 just came out and I told her to hold off updating until she seen a 4 running it because it wouldn't be as smooth as it was on my 4s she tried iOS 7 out on.

Next day she comes in with her 4 updated and she said it was "brilliant" and said to put my 4s next to her 4. She could not see the dropped frames even though the gap in performance was abundantly clear. She went as far as to say there was "no difference" which was just ridiculous. And on 7.1 the 4s is fantastically smooth.
 
I just did a settings reset for my ipad3 and have noticed a significant improvement in performance. Apps definitely load and run more smoothly. Most notably, bringing up the keyboard in safari no longer lags.

May want to try this if you have not already done so.
 
You are one of the lucky people who don't see dropped frames or seem to notice them, and that's no bad thing.

I was talking to work colleague about their iPhone 4 when iOS 7 just came out and I told her to hold off updating until she seen a 4 running it because it wouldn't be as smooth as it was on my 4s she tried iOS 7 out on.

Next day she comes in with her 4 updated and she said it was "brilliant" and said to put my 4s next to her 4. She could not see the dropped frames even though the gap in performance was abundantly clear. She went as far as to say there was "no difference" which was just ridiculous. And on 7.1 the 4s is fantastically smooth.

Of course it's slower than my 5S, however considering the limitations of its hardware it is more than acceptable. I wouldn't call it butter, however it is not like iOS 4 was on the iPhone 3G. That was a world of hurt.
 
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