Today’s the big day for all Apple fans to start updating their devices to the new iOS 5, which has many improved features compared to its iOS 4 predecessor.

One of the biggest updates for iPad, iPhone and iPod touch devices is cloud synchronization via Apple’s iCloud service, which houses all of you content and provides users with over-the-air updates. When you purchase mobile apps, albums and videos from the iTunes Store, it’s stored in the cloud and is available to all of your devices—anywhere, any time, at no additional cost.

Also, you’ll be able to download all of your previous application, book, music and television purchases to any of your devices, including your computer, for free (as long as they are still available in the iTunes Store).

There’s also a new built-in dictionary that will let you look up definitions of words inside of almost any app you’re in.

And best yet—wireless syncing capabilities. Now you can sync all of your devices to iTunes any time they’re on the same Wi-Fi network. With this wireless sync feature and iCloud storage, you can finally ditch that annoying USB cable!

But before you can eliminate the cable for good, you need to use it one last time…

Step 1: Update iTunes

On your Mac or PC, open up Software Update and install iTunes 10.5, the newest version that’s aptly nicknamed “iTunes in the Cloud”.

Step 2: Update Your Devices

Open up iTunes and agree to the Software License Agreement. Plug in your iPad, iPhone or iPod touch with the USB cable and select it on the left-side of iTunes. Then, press the Check for Update button and install the new iOS 5 software to your device.

NOTE: As of right now, iOS 5 is not available yet for download, but is expected to be ready for download any time now today (rumored to be around 1 p.m. PST) , so you’ll have to keep checking back until it pops up. Once it becomes available, it might prompt you to download right away after plugging in your device.

And that’s it.

Once you’ve successfully downloaded iOS 5 to your devices, you should be ready to cut the cord for good! And if you’re getting a new devices, like the new iPhone 4S, it will already be preloaded with iOS 5—anything purchased after October 12th will be, so you will not need the wired update.