Most iOS users are patiently awaiting the public release of iOS 7.1, which has been in the beta testing phase for a few months now and is expected to bring with it some UI tweaks, performance improvements and possibly a fix for the white/black screen of death bug. Today Apple began pushing some new software out to its users, but unfortunately this isn't the update that iOS folks have been waiting for.
Apple is now rolling an update to iOS 7.0.5 out to iPhone 5s and 5c owners, and as the x.x.1 point change suggests, this is a pretty minor software bump. The only change named by Apple is one that "Corrects network provisioning for some iPhone 5s and iPhone 5c models sold in China."
As mentioned previously, it appears that not every iOS device is receiving the iOS 7.0.5 update. According to MacRumors, iPhone 5s models A1457 (U.K./Europe), A1528 (China) and A1530 (Asia Pacific) and iPhone 5c models A1507 (U.K./Europe), A1526 (China), A1529 (Asia Pacific) are being updated to iOS 7.0.5. That's not really a big deal since the only named fix is for a bug that affects Chinese iPhone models, but because Apple typically pushes an update to all of its compatible hardware at once, it's kind of strange to iOS 7.0.5 going out to select handsets.
If you've got an iPhone 5s or iPhone 5c with a model number that lines up with one of the six that are receiving the iOS 7.0.5 update, you can head on in to your Settings app and click on General and then Software Update to get your download ball rolling.