With the release of iOS 7.1, the popular Jailbreak tool Evasi0n was rendered useless. Apple patched up loopholes in its OS that allowed users to earlier use Evasi0n and exploit their devices to run unsigned code.
However, seeing recent developments, it seems there is still hope for a future with Evasi0n goodness. Experienced hacker winocm has posted a video of an iPhone 4 on iOS 7.1 running an untethered jailbreak using Evasi0n.
What we take from this is that it seems Apple has not patched all the loopholes yet, however, it is important to note that the iPhone 4 has an A4 chip, which is relatively easier to hack (so we hear) than the newer A5, A6, and A7 chips.
So while we might never see this jailbreak for newer devices, there is still hope.