I purchased the new iPhone 5 over the weekend. I bought the phone at the AT&T store and while I was there, the AT&T rep opened up the iPhone and breezed through the initial settings to make sure the phone was working.
I had backed up my iPhone 4 that morning in iCloud and was hoping to be able to simply restore those settings to my new phone. However, when I got home, I didn’t see any option to backup my phone from an iCloud backup.
It seems like the only place to restore your new phone from an iCloud backup is in those initial settings when the phone is brand new. Since the AT&T rep had already gone through those and said to set up my phone as a new phone, I couldn’t restore my phone.
To fix this, I went into Settings > General > Reset > Reset All Content and Settings.
Once I did that, the phone restarted and I was able to access the initial settings. At that time, I saw the screen where I could restore from an iCloud backup. I chose that option, put in the necessary details, and was able to restore from the iCloud backup. Before you reset your content and settings, make sure you had not added any information you don’t want to lose.