I need help with my ipod/itunes please!!?

So I just connected my ipod to my computer and it said that I need to restore my ipod before it will work with itunes again. But I know that when I restore it, everything will be erased. So i was wondering, if I have consolidated my library, nothing will happen to it when i restore my ipod right? And what about music/games that I have bought on the Itunes store? Will those be erased as well?? Any help is appreciated! Thanks!