Another day, another iOS update. iOS 8.1.1 is appearing on iPhones, iPads and iPod touches around the world via the standard over-the-air update process. You can install the update by simply launching Settings, then going to General > Software Update.
While there's no big info about what has been fixed and/or enhanced in 8.1.1, the update notes do say that performance improvements are specifically for the iPad 2 and iPhone 4s. As of publication time, information on the security content of the update was not yet available. It will be available soon at http://support.apple.com/kb/HT1222.
Unlike the fateful iOS 8.0.1 update, this does not appear to be bricking iPhones. Unless you hear from us again soon, it's probably safe to run the update once it's available for you.