Q: Is this 6.1.1 review accurate?

There were two specific issues this update was designed to address: cellular performance and reliability and improvements in Maps for Japan.

If those are not important to you then there is no hurry to update your iPhone.

There are many more reputable descriptions of the update than a single YouTube video, Apple's for instance:

iOS 6.1.1 Software Update

It is usually best to let the dust settle before rushing to upgrade. Wait until an improvement is announced that is likely to benefit you.

We have thousands of iPhones in use with Microsoft Exchange (for email and calendar) where I work, and we have been advised NOT to apply this latest update since it has been found to interact problematically with Microsoft Exchange servers (at least with my employer's setup) in such a way that the phones' batteries run down much faster.

The battery draining problems our IT folks are warning about are common on the iPhone 5, of which we have many.

There are many more reputable descriptions of the update than a single YouTube video, Apple's for instance:

 

iOS 6.1.1 Software Update

Of course, the link to Apple's KB article HT1222, which is supposed to provide "information on the security content of this update," doesn't list the iOS 6.1.1 update (at least as of 2/15/13 1600 EST)