Noticable performance impact when updating an iPhone 4S to iOS 7

In particular, the floating parallax view (where the translucent icons float on a background, and appear to change position depending on the orientation of your iPhone), will take much more resources. 

Guess what? 

This is deliberate; Apple wants you to upgrade from your iPhone 4s, ideally at every other generation (or every two years). 

Since the iPhone 5c and 5S have come out, replacing the iPhone 5, there would be enough of a performance hit to make you think that it's time for you to upgrade to a current generation iPhone.

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