[quote name='twa318']I'm about to sell my 360 and I have a few quick questions.
Does my downloaded content stay with the console? Or is it linked to my username?
Do I need to format or anything to remove any personal information?
Thanks all[/QUOTE]
All content that is purchased stays on your Live account. Should you ever get another 360, you'll be able to download it all again.
Yes, a format is needed to erase your account off of the hard drive. It takes literally 5 seconds so it shouldn't be too much of a hassle.