SOFT RESET:
If you want to perform a soft reset on you X1 you will not lose any data.
There are a few ways to perform a soft reset, one is through the use of applications on the X1 like "Advanced Config" or if you look at the 2 images below:
While your device is on, simply insert your stylus into the small hole and push down, your device will restart its self.
HARD RESET:
This will restore your phone to its factory defaults, i have done this my self and it went back to exactly how they gave it to me in the store which is exactly what i wanted it to do. In the image below you can see what buttons you have to press.
While the phone is off -hold down the front left and right buttons on the X1 and insert your stylus into the soft reset hole all at the same time.
After i did this i was presented with a blue screen that told me to press R to reset and delete all my existing stuff. Then i had to callibrate the stylus and the same stuff the day you got it.
Your post really cool and interesting. Thanks very much.
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