The reset utility also resets the objects pivot to align to the world. If you don't care and you don't mind a modifier being added to your stack the utility is a decent way to tackle it.
I personally like resetting transform and scale in the Hierarchy tab, it freezes just the data you are after and doesn't muck with the pivot.
@Mark Dygert - what does the reset function in Hierarchy tab function for? I tried that before but when I apply Reset XForm and turn off that modifier, it kinda ignore the reset and put it back to the state before I reset using the Hierarchy tab..feels like it's just 'lie' to you with the (too-good-to-be-true) reset...lol
The utility hits those two buttons for you and it applies a modifier and screws with the pivot, two things I don't like. If it works for you, great. I just think it's over kill and causes a few unnecessary steps, like having to collapse the stack or realign the pivot.
Slightly longer answer: Each object has a transform matrix. Think of it as a history of everything you have done to that object, if you've scaled on X -1.55645 and Y is 5543.221, if you've moved on Z 122 or X -154 ect... When you reset it zero's out the transform matrix. It takes whatever it's current state is, and says "this scale is 100 for XYZ. Transform is 0 0 0". As if this object was brand new and hasn't been moved or scaled.
I agree with him. The utility is a brute force tool.
As a side note... A surprising number of people don't realise you can move the xform modifier applied by reset xform down the stack below any others you've applied and 'collapse to'. It's a safe tactic in almost all cases as most modifiers aren't scale/orientation dependent
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I personally like resetting transform and scale in the Hierarchy tab, it freezes just the data you are after and doesn't muck with the pivot.
Slightly longer answer: Each object has a transform matrix. Think of it as a history of everything you have done to that object, if you've scaled on X -1.55645 and Y is 5543.221, if you've moved on Z 122 or X -154 ect... When you reset it zero's out the transform matrix. It takes whatever it's current state is, and says "this scale is 100 for XYZ. Transform is 0 0 0". As if this object was brand new and hasn't been moved or scaled.
As a side note...
A surprising number of people don't realise you can move the xform modifier applied by reset xform down the stack below any others you've applied and 'collapse to'. It's a safe tactic in almost all cases as most modifiers aren't scale/orientation dependent