word of warning, I had to restore my iPhone with the iMac today after it gave me the "connect to iTunes" screen after installing iOS5 B7. This was installed in a iPhone 3gs iOS5 B6.
My iPad worked fine and was able to restore from iCloud no problem. My other iPhone, which is an iPhone 4 worked fine.
I don't know what happened, but after googling, it seems plenty of people needed to restore with a PC/mac after the installation.
So basically what I'm saying is, its nothing major unless your away from a computer.