How to sell an iPhone

[wvuwhat]

Ok, so I've had the iPhone for a little while. I love it, I just don't feel as if I use it for anything other than the phone and the iPod. Sure, I use the internet, but I don't feel as if it's worth the premium.

My question is this, can I just take out the sim and restore it thru iTunes? Is it that simple, or would I have to do something else?

I appreciate any help you can give me.

Thanks,
Jay