I tried everything under the sun, but what finally worked for me was uninstalling absolutely everything apple related from "Uninstall programs" on the control panel (on Windows 8 desktop), including "Apple Application Support", "Apple Mobile Device Support", "Apple Software Update", "Bonjour" and iTunes. Actually all of the abovementioned are installed as part of the iTunes setup, but are not removed when iTunes is uninstalled. Besides that I went into my program files and deleted all remnants of apple folders, as well as in "common files"... Then I reinstalled iTunes... and now all is well with the world once again. My iPhone and iPad were recognized immediately when connected.
Just thought I'd chime in here in case there were a couple of people out there that might have tried everything else already. Don't be shy to get rid of absolutey everything Apple related (By the way... Safari should be fine to leave as is)... iTunes will put it all back there where it belongs. Just install the latest iTunes and you're good to go.
PS. Just to clarify, I did not have any sort of "Apple Mobile Device" entry in "Device Manager" to speak of, so I could not follow Fourie's advice (which I had previously found in a good Youtube video)... so a complete and thorough uninstall and reinstall was what it took for me.