Is this update the kind of thing I would want to backup my Droid before doing?
No one has reported any data issues from the update...I'd expect that's the least of your worries.
What do you have on it (the Droid, not your SD card) that isn't in the cloud? All my contacts/calendar/email is in the cloud...if my Droid died today I'd just get a new one, put my microSD card into it and everything would sync down to it just like my old one...nothing lost.
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