Like Liz said, a 114 scope is a marvellous first scope.
Is you scope good enough for the planets? You betcha! The first time I saw Saturn was through a little 50mm refractor. You will have no problem. Just be patient. You will also see cloud bands on Jupiter and the polar caps of Mars
By the way, Saturn rises in the east at the moment with sunset. Have a go! Look for a yellowish bright star that does not blink! And Mars is dead north at the moment. You can't miss it with its fiercely red colour.
If when you look at a bright star and you see that it appears to have a comet like tail, especially when out of focus, then the optics need to be collimated. This will maximise the optical performance of the scope bringing in all the precious photons of light that it has collected to give the best possible image.
Eyepiece wise, yes better quality eyepieces will improve things, but there is much to learn about them, don't go just on price alone! However, I'd suggest learning with the eyepiece you have first. You will have become very proficient at moving and using your scope when you then decide to upgrade.
If you are having trouble with you mount, consider what I did to this 114 scope that belongs to my wife's school. You can still use the scope on its eq. mount- just remove it from its brace.
A link to the DIY thread I made is this one:
http://www.iceinspace.com.au/forum/s...ad.php?t=49203
I'm writing up a more detailed article on how to do it which I'm hoping to get put into the 'Projects and Articles' listing.
Mental.