I have installed on my iPhone and MacBook Air and both seem to fix issues that were nagging me.
With iOS 8.1.1, it seems to have fixed the iCloud issues that I mentioned before. Drafts, Day One, and Whatsapp all now start up without hanging or shutting down. I also noticed that I can now delete apps right away instead of waiting for the dialog box to show up.
Another issue was with AirDrop. I am not sure if this was fixed with the iOS or Yosemite update but I can now AirDrop between my iPhone and MacBook Air without issue. My Wi-Fi has also improved.
If you have been having issues like I have, you should definitely download and update.