Thanks everyone. Believe me, I'm glad that I didn't have to pay $900+ for a replacement phone so definitely get AppleCare+ for your next iOS device in case you find yourself in a situation like mine.
One thing about my replacement iPhone 5 though.....
So everything seems to be working but I'm having an issue when connecting to my Mac and syncing. First, when I connected the new iPhone with no data on it, iTunes recognized it quickly without any problems. However, after restoring it with my old data, iTunes now takes about a minute before showing a connected device. I have no idea what happened so any thoughts would be helpful.
Also, when it comes to syncing, iTunes takes much longer than it did before. For example, it used to take say one minute to sync information (Calendar, Notes, Bookmarks, etc.) but now it takes three minutes to sync this type of data. Thoughts on this would be helpful as well.
I must add, that I'm not a big fan of how Apple handles the restoration of data across all devices, Macs and iOS devices alike, as an all or nothing process. Don't get me wrong as I like having what seems like a seamless process on the surface but Apple does need to put backdoors so users can correct issues.