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I would generally recommend that you take a VPS for reselling, rather than a "reseller" account.
However, this depends on things like budget (VPS will usually be more expensive) and the specific VPS package you're looking at; there is obviously a big difference in your responsibilities and required technical ability etc. between a reseller plan (where all server management is the hosting provider's responsibility) and an unmanaged VPS (where it would all be your responsibility).
Assuming that you can find a suitable managed VPS service (and obviously it's important to check exactly what that management includes, as you may still need to take care of some additional things yourself), and that you can afford it, a managed VPS plan is generally the better option to take: you get more flexibility in terms of what you run on there (e.g. control panel software/versions, other software versions - PHP, MySQL etc.), and most importantly for reselling - you can brand the whole thing much better; things like the ability to have your own hostname are a nice touch in enhancing your service anonymity from that of your hosting provider's.
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Layershift :: DDS & Dedicated, UK & USA-based Managed Virtuozzo VPS, Reseller & Shared Hosting
Experienced Parallels Platinum Partners (Plesk since 2001, Virtuozzo since 2004)
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