please dont worry about wiping. You will have to wipe it to load a ROM anyways. If you dont plan on loading a custom ROM please remember to follow the steps to remove the update files for VZW so you dont end up with the triangle thingy...
I understand that I will be wiping it to install roms. However I believe that once rooted I would be able to do a full backup on contacts and data and then install it on the new roms (correct)? As far as I know there is no program to backup the whole phone unless you are rooted.
Also what triangle thingy are you referring to? I am in debate to or not to... That is the question.
EDIT:
Also. When I root my phone, does it wipe my sd card? Will my pictures and stuff like that remain on my card or hows that work? I the only thing I lose my contacts and my application data?