I have a permanent "waiting..." when I try to upgrade apps on my v3.0 iPhon

I am having a technical issue with my iphone. When I try to upgrade my apps after upgrading it to v3.0, all the apps that I tapped "upgrade" showing "waiting..." for 2 days and its still havent upgraded itself.
Does anybody know how to solve this problem? If I reset it to factory setting will I use all the saved datas in my iPhone? if not, how can you reset it to factory setting?
18 minutes ago - 4 days left to answer.

Im having the same problem - i just upgraded in itunes to 3.0.1 and now none of my apps will open and when i try to download a new app it just says "waiting" and then after about 5 mins says "unable to connect to itunes store" although i can browse by wifi and open the itunes store on my iphone - any help much appreciated!!

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