Can a data transfer be executed when upgrading to another iPhone?

I have an iPhone 4 and I would like to upgrade to the newly released iPhone 5s. Is this a simple process consisting only of me walking into the AT&T store and saying, "I would like to replace my iPhone 4 with an iPhone 5s" and they'll do just that? Or is there some fine print I'm not reading? I know my phone is eligible for an upgrade. Also, can the pictures, videos, and purchased apps on my current phone be transferred to the new phone? If not, what will become of those when I purchase the new phone? Will they just stay on there or will I have to recycle the phone?

Buy from Apple store and pay for them to do it for you.

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