Trying to update to 4.0 and my back up is taking forever
Well decided that waiting wasn't worth it. Here's the solution:
Cancel the backup
Manually backup your iphone through itunes.
Then restore iphone. An option will come up that says "restore and update".
Iphone reboots after installation of os4. Then restore from backup in itunes.
That process took about 30 minutes and I was done.