Downloading the software isn’t the problem. It’s reactivating your phone. Because the upgrade is a full numeric one, it has to completely wipe your phone and reinstall the OS, as well as reactivate it. This is why they’re making such a big deal about backing your phone up, because it will be erased. My point is that actually getting the install is not a problem, it’s reactivating your phone through itunes.
Patience is a virtue. It may work fine, but there’s a chance you’ll be without a phone for a while.