I'm upgrading my iPhone iOS what exactly is gonna happen?

I'm upgrading my iPhone 4s from iOS 5.1.1 to iOS 6.1.3. The update is 910mb. I live in australia
Question:
1. How long will this update take my Internet is not that fast
2. What is the chances of losing all my data on my phone if I do the update.
3.Is it better to do the update on computer or straight from my phone
4.Is the battery life worse or better on iOS 6.1.3
5. Does all the apps reset to default and alphabetical order after update.
6. Will I lose any data inside my apps
7. Please tell me any other important info that I shud kno before updating

1. If its not fast probably awhile.
2. Not much if you choose the update to ios 7 not restore.
3.Since its beta you can only do it on computer RIGHT NOW. With iTunes.
4.Better in the beta 2 update.
5. No but they go to a 3rd page not the 2nd page.
6. Not if you click update instead restore. Update keeps all info restore resets the whole thing.
7.Ios 7 is in its development stages and it will be slow and lag at times and other times itll be fast and you'll probably have to update it OTA (over the air) on your iphone. For each beta that comes out until the final release of ios 7 you'll probably update nearly every 2 weeks until FINAL RELEASE date of ios 7. Your welcome.