The wait is over, the jailbreak for both Windows and Mac OS X is out and is compatible with all iPhone, iPod touch, iPad and iPad mini models running iOS 7.0 through 7.0.4. iPad 2 Wifi is currently not supported and many Cydia tweaks are not compatible with iOS 7.
Version 1.0.1 of Evasi0n tweak removes the TaiG third-party App Store filled with Illegal software but in case you really want TaiG on your phone simply find the version 1.0 of the Jailbreak.
Jailbreak gives you a bit more flexibility and freedom from the locked environment of iOS but it sometimes causes some glitches and faster battery drain. Apple will make sure that it closes the vulnerability in its next software update and continue the cat and mouse game.
In case you want to give it a try the Windows version is only 16.1 MB while OS X version weights 15.4 MB and you can find them both here.