This is clearly a major issue that Apple needs to fix. Everyone is having the same issue, and iCloud backup is also failing. Ive lost many photos and videos from the IIFA Awards here in Tampa this week, and a YouTube video that was due to be uploaded last night. It was all backed up to iCloud successfully, then I attempted to do the iOS 7.1.1 update and the phone bricked up. Once restoring to factory settings, iTunes reported that the last time I had done a backup of my phone was at 12:24 this morning - when the phone was restored. The old backup, which had been done as recently as yesterday morning, is no longer available. Its a 64GB phone in my case, too, which means a lot of data has been lost. This is upsetting.
At this point only a personal email and phone call from Tim Cook himself would satisfy me - I am furious.