I've been using Loopy since before HD. Of course I use HD now, but I'm pretty familiar with how it works. With the latest update, there seems to be an audio glitch the first time any newly recorded track plays back.
I've got a few loops running -- nothing crazy -- and I'm recording through Audiobus. (I've tried this with Sunrizer and an audio input; the same thing happens.) When the new loop finishes, there's a little audio stutter while the new graphics render. That's the only time I'll hear it: right after the new loop finishes recording. You can even see a little pause in the graphics.
I've never seen this before, but now I'm seeing it every time I record a new loop. This is with an iPad Air 1 running iOS 7.1.2 in a very clean system. (I always work in airplane mode and zero out apps when I'm done using them.) Rebooting the iPad didn't help.