There is a way to do a reset, I had problems with my HDD on release day and the first thing Sony support said to try was a reset. I havent done it since and Im not exactly sure what it resets as it didnt solve my particualar problem but as far as I remember with the console in standby mode (red light only) hold the power button until you hear two beeps. I know this resets display settings and such but Im not sure if it resets user data, it certainly doesnt wipe the HDD. There maybe a way to do a "hard" reset as Im assuming that this method is a soft reset.