Is there a way to confirm that unlock has happened without doing restore? My 4S has the latest ios so I can't jailbreak it and don't want to lose anything that's on my iPhone.
If you have the latest, then doing the backup-and-restore necessary is all you need, and will restore all your info.
If you mean you're *NOT* on the latest, and are jailbroken, and want to do it, well, that I'm not sure about. There is news that the iOS 5.1.x jailbreak for A5 devices is coming soon.