A tried installing it, but instead I had the joyful experience of restoring my iPod touch, just got done writing the back-up back onto it (what does that even do?), and now I'm waiting for all of my apps, music, podcasts, movies, and photos to re-sync. Joyous times!
Oh well, at least I'll be able to update my podcasts on the go.
the back up restores settings, notes, calendar events, clocks, etc. so you don't have to go back and add them all in again.