Gulp!!! will it be a like for like restore, I have horrid memories of Apple restore where everything is a mess and I spent hours putting it all back
It's annoying, but it's completely unavoiable no matter which root tool you use. To root you must unlock the bootloader first, which will always wipe the phone. Security reasons apparently, but I guess it makes sense.
As for backups, I've never really bothered to backup and restore it like that. I just make sure I've copied all my files/photos/documents onto the computer, and then wipe. It only takes about half an hour to re-install the apps and set them up, then it's just a case of copying the files back to the phone. Nice and easy.