Will iPhone 5 update wipe EVERYTHING?

Yah I know I'm a bit lag, but I have not updated my iPhone to iOS 5 coz I'm scared everything will get wiped. Assuming you backup properly, will your game data and other stuf still get wiped? And is there even a need to backup? Coz I heard backing up takes a lot of time… Please help!

No, no, no, no, no, no. Updates just update the software, they have nothing to do with the data on your phone. However if you don't update your phone soon enough most (almost all) apps wit become unusable so UPDATE As soon as possible

No it will be fine. I wouldn't even update to the new OS though as long as everything is fine, unless there's some feature in the new OS that you really want.