I'm not saying that I will or will not cancel my pre-order. I thought it would be nice to have the instructions readily available for those that need it. I haven't been on the PS Store to see if the "quick" option is available, but the back up is to contact customer support.
PSN Instructions:
http://faq.en.playstation.com/app/answers/detail/a_id/7008/~/playstation%C2%AEstore-pre-orders
How Do I Cancel a Pre-Order?
The process depends on how close the release date is when you want to cancel the order:
**Before payment has been taken from your wallet**
You can cancel your pre-order via Account Management up to but not including the date that payment is taken from your wallet. You will usually be charged two days before the expected release date although this can vary. We will send you a confirmation email on the day we take payment.
As long as you have not received the payment confirmation email, you can cancel your pre-order by going to Transaction History on any devices activated on your account:
01Go to your Transaction History - find out how here.
02Find the pre-order that you want to cancel - the purchase date will be the date that you placed the pre-order.
03If it is still before the release date there will be an option to cancel the pre-order.
After payment has been taken but before the release date
Once payment has been taken from your wallet, you can cancel your pre-order up to but not including the release date and will receive a refund of the purchase price to your wallet. To cancel your pre-order after payment has been taken, but before the release date, please contact Customer Support.
On or after the release date
You are not entitled to cancel your pre-order on or after the release date. For full terms and conditions, please refer to our Terms of Service and User Agreement.
Xbox Instructions: (Looks like there is only 1 option for the Xbone, not sure if Xbox 360 is the same...)
http://support.xbox.com/en-US/xbox-one/games/pre-order-faq
Frequently asked questions
Can I cancel a pre-order?
Yes, before we release the game, you can cancel your pre-order by contacting Xbox Support.
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Any one on Xbox that has details on a pre-order cancel procedure, let me know so I can edit the post. Thanks!