August 24th, 2010, 11:12 PM
Join Date: Oct 2009
Location: 3rd Rock
Device(s): Motorola® DROID® BIONIC®
Thanked 1,919 Times in 1,362 Posts
No. It wipes out all of your installed applications and starts you fresh as if you just bought the phone.
However, all apps that you have installed and / or purchased through the market are tied to your primary Google account on your phone, so when you add that account back as the primary account after wiping, it hsould start to re-=populate all of your applications.
Settings, well, someof the system settings are restored, but only if you have the 'setting' set to synch your settings to your Google account.
SMS Backup and Restore is a good (non-root) way to make backups of your SMS (provided that you are not using Google Voice exclusively for your SMS - if you are, then GV already has all your SMS in *it* )
The factory reset DOES NOT WIPE YOUR SDCARD. EVER.
Finally, your Contacts and Calendar should automatically be synchronizing to your Google account as well.