Erasing all data off my old iPhone?

I want to delete all the information off of my 3GS so I can sell it as I now have an iPhone 5. When i bought my iPhone 5 it automatically synced all the information (photos, texts, imessages, emails, contacts etc) due to my apple ID/iCloud. If I delete my iCloud account off of my 3GS and then 'erase all content and settings' will this affect my iPhone 5 at all?

No.

Just use the restore option in iTunes for the iPhone 3GS & you should be good to go as far as selling it.

Deleting (restoring) the 3GS & the iCloud data stored on it would just get rid of it from that standpoint, not everywhere.

No not at all.

But to be on the safe side, you don't need to delete iCloud account, just do Erase all content and Settings and it will be reset back to factory defaults.

I will say nice choice of phone, although I would recommend you to return the phone/cancel the contract as the new iPhone is due in 2 weeks but its your choice

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