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I would like to trade in my 5 at the Apple store and preorder the 6. Does anyone know if they'll be accepting trade-ins on launch day?
I'm almost certain I read somewhere that they would be, but I can't seem to find where I read that. As far as I'm concerned, there's no reason they wouldn't, but I haven't been to a launch event at the Apple Store, so I'm not entirely sure.

And does the phone need to be unlocked? I went to the link Apple posted to get a quote (https://reuserecycle.abbti.brightstarcorp.com/inspection.aspx) and it has your phone needs to be unlocked, but I feel like I've heard otherwise.
No, it says you need to disable the lock on Find My iPhone. So, as long as you wipe all the data and disable Find My iPhone, you should be fine.
 
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