Since I am running Windows (and thus no access to iTunes 11.1 yet) I had no choice but to just do an update with the 7 GM. The update installed with no issues on my 64GB iPhone 4S. Took a while (at least 30-40 minutes as I recall).
Update if running iOS 6. Restore if running any iOS 7 betas. iTunes 11.1 doesn't matter unless you are planning on restoring an iTunes backup. Just use an iCloud backup.
Update if running iOS 6. Restore if running any iOS 7 betas. iTunes 11.1 doesn't matter unless you are planning on restoring an iTunes backup. Just use an iCloud backup.
Update if running iOS 6. Restore if running any iOS 7 betas. iTunes 11.1 doesn't matter unless you are planning on restoring an iTunes backup. Just use an iCloud backup.