I was quite impressed with mine, I restored mine last night and it took about 20 minutes to back up and then about 45 minutes to restore and that was using iCloud rather than a physical connection. Although I'm not sure if in that time it had downloaded all of my apps as I fell asleep :lol:
The backup doesn't need to backup most of the files such as pictures, apps and videos from the old phone as most should already be in iTunes. The backup only takes a few minutes as it's only really backing up the configuration and settings in the apps and is thus pretty quick.
A restore does two things:
1) Restores the configuration which only takes a few minutes
2) Syncs which puts back all the files from iTunes
Getting the pictures, apps and videos back from the sync takes the time and most of these aren't included in the backup.