The new iOS version can be downloaded through the Software Update section found in the native Settings application. It is available for both the GSM and CDMA versions of the iPhone 5.
iOS 6.1.4 is identified as Build 10B350, and it is an 11.5-megabyte download. No betas were provided to developers prior to the software's release.
The last update to iOS, software version 6.1.3, was released in March. It fixed a bug that allowed for the phone's lockscreen security feature to be bypassed.
No other major updates for iOS are expected to be released, as Apple is believed to be hard at work on the next major update to its mobile operating system. iOS 7 is expected to be unveiled at this year's Worldwide Developers Conference, scheduled for June 10 through 14. Presumably developers will also be provided with a pre-release beta of the software at the same time.