I've just carried out a freebsd-update to 7.1, installed & rebooted. I've also updated my packages.
uname -a keeps reporting 7.0:
FreeBSD ironteeth.homeunix.net 7.0-RELEASE-p5 FreeBSD 7.0-RELEASE-p5 #1: Thu Feb 26 20:03:40 GMT 2009
max@ironteeth.home:/usr/obj/usr/src/sys/ATAPICAM i386
I wasn't previously running the generic kernel if that is of use. (I had atapicam one)