hey bro, i have a touch, and i used to have the 1.1.3 version and now i have the 1.1.4.
they say, coverflow is much smoother/faster, and the volume is a little bit louder(if u can tell). also it removes a few bugs, safari is a little faster. battery life is longer
go on this website. they will answer all of your questions. hope this helped.
iPod touch Fans forum
ps: u have to make a account inorder to look at the post(its free!!).