So guys, what should i exactly do in order to update, and not brick my phone. THANKS!
1. Download the latest itunes from
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2. Download the official 4.3.3 ipsw (find it above)
3. Make a back up of your iphone's data and transfer all purchases to make sure nothing is lost.
4. Turn your phone's airplane mode on (credits to kmanthecaveman)
5. Open itunes with your iphone connected
6. Hit Shift and then click restore on iTunes.
7. A box will show up to select software, choose the official 4.3.3 software
8. Accept the restore and it will restore your iphone.
9. Wait for the restore to finish.
10. Make sure the official 4.3.3 ipsw was installed and there is no cydia.
11. If yes to #11 you can update to iOS 5.
12. Accept the upgrade to iOS 5.
13. If you want, resync your music/apps/pictures.
14. Enjoy iOS 5!
*To get all of you app data, contacts, settings, etc, on the left side of itunes where it says your iphone name and device, right click on your device and select "Restore from Back-Up". This will not fully restore the software but it will restore all of your settings and app data.*