David has done some wonderful work on this, so I'm writing this cautiously... but I'm seeing something quite different from him in my tests.
I'm using two phones: an iPhone 4S running iOS 7.1 (11D167) and an iPhone 5S running iOS 7.0.6 (11B651). My iBeacons are manufactured and sold by Bluecats (www.bluecats.com), although I'm not yet using their SDK (ie. I'm just using CoreLocation) and I don't think the manufacturer makes much difference.
I'm getting response times of around 1-2 seconds on both devices when the app is running in the foreground and also when running in the background. The only difference is when I remove the app from the app switcher: iOS 7.0.6 never responds (or perhaps will do in 15 minutes), but iOS 7.1 responds in roughly the same time. When I say "respond", I mean that the CLLocationManager's locationManager:didDetermineState:forRegion: delegate is called by iOS.
I'm testing by actually wandering around my office with phones in hand, so I'm physically moving in and out of range. Strangely (?), in my early testing, where I was sitting at my desk and simulating moving in and out of range by removing and reinserting batteries, I was seeing much slower response times. Perhaps this is part of the difference?