I favor re-downloading as opposed to restoring via Titamium Backup. Yes, it takes some more time, but I like starting fresh without bringing over any issues or slowdowns from the old system. Perhaps it's old-school thinking, but I've seen other recommend this course as well.
That said, if you go this route, there are things you can do to make re-installation easier.
First, I make sure all of my data (such as contacts) is synced with Google as HalizDad mentioned, so I don't need to restore any of that--it just shows up when I log into my Google account after restore (or on the new phone.) Second, I use SMSBackup+ to keep my call logs and messages synced and backed up in my Gmail account, so reinstalling this after restore restores those. Third, I like to use AppBrain--when I reinstall, I have the list of all my previously installed apps right there and can restore them all fairly easily (same thing with Amazon AppStore.) It will take a little more time and effort than just batch-restoring everything, but if you prepare ahead of time, it's not so bad, and I think it's better off in the long run.