Updating iPhone 4 to iOS 7.1

Hello everybody, I wanted if possible some clarifications about the new software of iOS also available for the older iPhone 4.
I waited until now before updating my iPhone 4 to iOS 7 and now, with the new version 7.1, I heard that it is faster and not slow anymore. However I only have 600MB of memory and I don't know if it is convenient for me to update it because I am afraid I will occupy some precious memory. I also heard that the 1GB required for the installation is going to replace the 1GB used by my old iOS 6.1: is that true? Because I noticed that when I try to upload there's an advice which says that I need a space of 3GB!
Thx for the replies!

In any case you should back up your phone.   To be on the safe side do so with your computer with the plan to restore to factory, update to current IOS then restore your data and info from backup.
This is a good time to clean house and delete unused apps and other junk.

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