People do not understand that "Reduce Motion" means reduce motion, not reduce speed or reduce duration. It only reduces the MOTION of the transition, or in other words, the zooming effect (also parallax is motion too). As far as time, the fade transition takes just as long as the zoom transition, it is not any faster. Apple did not make the transitions faster with the 7.0.3 update.
What Apple SHOULD have done is allow the screen to be active during the transition itself, for example during the unlock fly-in transition. This is how it was in iOS 6, you unlock the phone and you can swipe the home screen WHILE the apps are flying into place. If they bring that to iOS 7, I think many people will be happier (myself included).