man, this sounds complicated.  My question is do I have to do this or can just continue with mobile me.  I am completely backed up and don't have that issue.  What are the advantages and disadvantages to making this move.
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It’s not really complicated. Just a lot to update and anytime apple releases a major software update, it’s better to just wait a while. The steps are not difficult, it’s just that each step takes quite a while to process.

The disadvantage to any software update is that often the new software is more tasking on your computer or device so the result is a slightly slower experience.

The advantage is that you can take advantage of the new features. The new notification center on iOS 5 is very nice. Wireless syncing is also great. Photo Stream is a nice convenience. Sooner or later, you have to go there so you might as well go ahead. You just need to make sure you have enough ram. Lion requires 2 gigs of ram but it’s best if you have at least 4.

If you choose not to upgrade, MobileMe will continue to work as normal for at least a while longer.

The only real major new feature of the new iPhone 4S is the Siri voice activation. Faster processor but the old iPhone is fine for now. If you have the 3GS or earlier then it’s a great time to update. If you have the iPhone 4, then I say just stay where you are.