New iPhone 5 sync

I know this may sound like a 'rookie Apple' question...I just purchased an iPhone 5 to upgrade from my iPhone 4S. I already have the 4S sold but before I send it off, I just want to make sure I am doing this correctly...

If I simply sync the iPhone 5 with my current V10.7 iTunes, will all of my apps, music, videos, etc. be transferred to my phone with no loss? Or does it work in reverse such that my blank phone will delete all of my itunes data?

Thanks for any help that can be offered