Using Master Reset ?

I see Master Reset on my Razr. Is that the control that will instantly delete all photos, all stored information, all downloaded ring tones, songs, games, and more ? Who would use this except for a thief trying to remove evidence that it's not his phone and probably technicians who must start from scratch. When would a consumer ever want to delete everything ? Is this reset included on all cell phones ? I am terrified of accidentally pressing it when not paying attention to my task. Please clarify the use for this control.

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This is useful when selling a phone, you can just master reset your phone to it's default status.

shulman - you are thinking of "Master Clear". As Tony said, reset will only default all the settings, while clear will wipe all of your contacts, ringtones and pictures.