I did that on my phone accidently when I got it. after it did its reset thing it said to click here to active the phone and I had to go through the activation process again.
it did not seem to delete everything on my sd card
Hope this will help:
There are two ways to reset the data on your phone - "factory reset" and using the SBF. Factory reset is a fancy way of saying it will delete your settings and accounts from the phone and restart at the beginning using the System partition. The thing is, since you modified your phone to add root capabilities into System partition, those modifications will carry over after its finished resetting. The same goes for any apps and themes you either add or remove from the System. "Factory" reset is a real bad name. Think of it more like a "Hard" reset.
The second way is to use the SBF. This will, indeed, erase ALL the data that is on your phone (*not* your sdcard), and restore it to true, stock, Motorola settings. This is handy if you're messing around with your phone and accidentally screw something up to the point where it no longer boots up into recovery. It acts as sort of a safety net to restore the phone exactly the way it was when you first unboxed it.
Here's the catch - the SBF damage your phone as much as it can save it. Every OTA update that your phone receives from Motorola will change the encryption keys on your bootloader, rendering any old SBF out there completely useless. Worse, if you get one of these updates and flash your phone using an old SBF, your phone will become completely unusable. You will have to wait until an updated full sbf leaks out, which may or may not ever happen. So be careful.
If you're not sure, please don't hesitate to ask. There may be a quick fix to whatever problem you're trying to solve. The SBF is overkill to fix most problems, and should only be used as a last resort.
FYI: *none* of these methods will delete your sdcard stuff, but its always a good idea to back it up to your computer before doing anything. Better safe than sorry!