The rumor is that a new version of the software is coming out tomorrow! So hook up that iPhone, and push that magic little sync button to get the backup going.
Keep in mind that backing up takes a lot longer if you haven’t done it in a long time. I normally back up daily just to be on the safe side. But with this new update, hopefully the backup time is decreased. Regardless, you will have to backup before you update.
So plug it in, leave it overnight if you have to, but do it. Be ready when 2.1 comes out and hopefully all of the iPhone woes are fixed!