I flashed it over on my phone and I didn't loose anything. If you want to start fresh then an FDR would wipe everything out like you are asking. There are some apps out there that save progress on apps and the like so you might want to look into that if you are going to do the FDR.
What are your thoughts on the upgrade/update? Did you notice any issues just flashing over top of ICS instead of FDR'ing and then flashing JB?
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