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Yes, restoring from older versions (4.3 and up) is possible.

Be aware that the other way around doesn't work, so once you've switched to the 4S there is no way to go back, at least not with a backup from that device. So keep the "old" backup stored somewhere.
 
In theory everything should go smoothly, even if your old one is on iOS4. iOS5 would be better but backup/restore would fly nonetheless.
 
What is the problem with trying? Since it is another phone you can easily backup your 3GS with iTunes and restore your 4S with the backup from the 3GS. The data is always save on your old phone.

However, there are some mentions about not-compatible backups. So I don't think your chance of succes is 100%.

More important is why would you want to keep the data? If it is because of the pictures just copy them from your phone by accessing it as an extra drive. I myself am a huge advocate of clean installations.
 
Thanks guys, the problem is it is a customer of mine and she has been reluctant to change. She just doesn't want anything to change. I am here now backing up her 3GS as I type. Fingers crossed.
 
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