I would personally say no, if I could go back and undo my update I would! I found the iPhone much easier to navigate and use without the update the main difference that I've found is you get more ringtones for your messages, the background behind the home menu goes white. I'm not a very technical person but that's the only differences I've found!
Thanks for your reply Emma 543. The iPhone4 was passed on to me last weekend from my son-in-law who had upgraded to a iPhone 5s and I had to clear everything off it and start from new again. As I am 72 years of age I have to be careful how I proceed so as not to do anything silly which could affect the phone software and cause me headaches.. However, as time goes by I will slowly pick up things which are important to me. It will be interesting to see if any other users feel the same as you.