If I restore my iphone will it erase everything on my phone?
Depends on how you restore. if you perform a sync first, to create a current backup, you can then restore from that backup. If you restore as a new device, all data on your phone will be erased.
Restore as New - Yes
Restore from Backup - No
It will also update the iOS to 6.0.1
Hope that helps
Retrieving data ...