There have been some questions about what's copied over when migrating to a new phone. I'm no expert but this is my understanding.
There used to be, but now there's no difference between restoring from iCloud or iTunes, so long as the encrypt backup option is enabled.
All passwords will be restored; they'll either be in the backup or, better, will come from the iCloud keychain. However, anything that uses a device-specific password (such as gmail) will need to have a new device-specific password generated.
Google Authenticator is also tied to the device. This is a HASSLE. Using your old phone, log into each site using the authenticator and generate a new QR code. Scan this with the app on the new phone. if you're gonna keep your old phone, scan it there too, to keep it up to date. Having a duplicate of all the authenticator codes is about the only reason I still have my old 1st gen iPad mini lying around - just in case I end up "bricking" my phone during a beta install or whatever.
Apple Pay / Wallet Credit Cards will need to be set up again. That's the case even if you restore back to the same phone (whereas things like Google Authenticator and gmail passwords work fine if restoring back to the same phone and are not migrating to a new one).
There are strong and often unhinged arguments from people about whether to set up as new or set up and restore from a backup. General tech consensus is that apps are so strongly locked in their own "containers" or whatever that it makes little difference. I've not done a setup-as-new since installing and then trashing a jailbreak back when I had my first iPhone, the 3GS. Damn, I miss that phone. It felt so nice in my hand. Well, ok, apart from that I don't miss it.