Your contacts getvsaved on the net so they come back. Pictures ate on the SD card. You might loose your text messages. But that's not the end of the world.
You will need to install your apps again. Again no big deal.
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Sorry but wrong. I did it on my wifes yesterday and the ONLY thing we can see that got "wiped" were her icons/widgets/wallpaper on her homescreens. They were set back to default. I've also heard that all Scenes will be wiped. Oh an some settings were set back to default such as notification options and whatnot. However all contacts, texts, apps, widgets, etc were still there and did NOT require reinstallation.