The Exclaim's reset function is strange. I switched phones recently and tried to reset using the above method. Some things reset but others stay. For instance, One-Click retains most if not all the settings. I was still able to see how many emails were unread. I went to emails and saw all my old emails were still available for viewing. My last myspace update still remained. I went in and did the reset on one click but it did not seem to do anything I had to methodically go through and reset, delete, or logout of every little thing.
Yes you need to do the following.
press ok to bring up menu
go to settings
go to more..
go to 12. Security
enter lock code (last 4 of phone number unless you changed it)
go to Erase/Reset
then go to *. Reset Phone and click ok.