Or 'EEPROM Reset' resets it to the defaults of the firmware held on the chip or re-applies the firmware on the chip if I'm not mistaken. I already used that and it seemed to do the same as Factory Reset on my end. I noticed some slight variations in the image when changing the panel types. Didn't delve too much into it; just a quick once over. I don't suggest tinkering with this though unless you're brave (could possibly brick) and make sure to keep your original values written down or take a pic. One of the panel type settings made my image flipped horizontally :P
The possibility of being able to flash a 'Smart' firmware and use the WiFi dongle hack is so intriguing; or even being able to use WiFi for the AllShare on our sets (ConnectShare, but wireless) - but like I said, I'm too pussy to be the first. I couldn't blame anyone else for not wanting to be the first either.