The backups to iCloud contain the exact same info as those to iTunes except that apps and media are not synced, as this is unnecessary. They will be automatically re-downloaded directly from the iTunes store when restoring the backup from iCloud (this can take some time, but backing up doesn't.)
The time needed for the first backup is not nearly as long as you stated unless there are massive amouts of photos and videos in the Camera Roll album. If so, it's best to import them to an app on your computer first, delete them fromt the cameral roll, and sync them back later.
iOS: Improve backup and restore times by importing Camera Roll or Saved Photos