iOS 5 update from Verizon 4.2.10 NO PROBLEMS HERE!!!
After reading all the threads and posts for everyone having various issues i did the follow prep work prior to installing the new iOS.
I backed up my iphone first then ran a sync without music, photos, and video. I left apps alone since i did not have that much to begin with. I left my contacts on phone since I use exchange setup with Google anyway. Took 4 hours (UGH!!!) to download, but! updated both my wife's and my phone. No problems on restore. After the devices boot back you have to go through some questions on setup. Nice thing I noticed was that while going through setup the devices were syncing in background, no more sync in progress, you can actually use the device while syncing with iTunes. Good luck to everyone!!
iPhone 4