Crap, mine has been stuck at <1 minute for about 25 minutes now. I didn't make a backup either, so I'm running that right now. Hopefully it makes the backup without any issues. I had to reinstall iTunes beta 3 since Lion wiped that out, apparently.
To those who have their iPhones stuck at <1 minute, did you leave the settings app and do anything else and come back and now it doesn't have any details? Is that what is causing our devices to get stuck?
Haha, I just checked it again before posting and now it says Install Now on the button. I suppose I'll wait for the backup to finish since people are saying that it is removing their important data.
This is what we get for being beta testers! I hope Apple uses these issues to sort out the problems for the public release. I think they should also add some polish to the update screen. Something nicer looking, like when you first get your device and it has the animated activation screens with the linen and such.