@RobLewis, holding down the reset button for an extended period of time result in factory reset. This would wipe out any personalized settings. While a simple reboot might fix any minor glitches, you may try what is suggested by robh5791 i.e back up your settings prior performing a hard reset, if you have to at all. Well, your suggestion to add a warning on the touch screen sounds like a plan, will take it up.
By the way, have not seen any difference between a long press or a short press of the reset button. However, it requires a certain number of seconds to be held down and release before the reset process starts.