How long should I wait to download OS5?

After reading all the problems some of you are having I'm in no hurry to update my iPhone 4.  This has to be a bug in iTunes, the iPhone or OS5.  Or, it's a problem with the servers being overloaded by anxious iPhone owners.  Since I can live without OS5 for now, although I would like to have the new features, how long should I wait before updating the OS.  Days?  Weeks?  Months?
When I do update, will I have to download all of my apps again?

Out of warranty exchange unit is $199 in US for 4S at Apple Genius bar ($149 if a 4 )

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