iPod touch Syncing Ipod Touch to Iphone?

[burnswuff]

I currently have an Ipod touch 2nd generation. It still works fine but my phone is in need of an upgrade. I was thinking of upgrading to the 4S. How easy would it be to sync everything I have on my ipod touch to the iphone? I have everything synced with Itunes already. A few problems are that 4s will be in iOS5 rather than iOS4.2. Also will my progress with all my games be converted over as well? The only way this is usually possible, is to restore backup. However, I'm not sure how this would go about with restoring a brand new iphone with and Ipod touch backup.