Nope. The utility also re-aligns the pivot to world space. When you apply modifier alone, it assumes the existing pivot.
Edit... using the Xform modifier is useful when you want to do pos/rot/scale using a modifier, which lets you make the transform at a certain place in the stack.
Several people have made maxscripts that do a Reset Xform along with some other handy things, like collapse it but save your modifier stack, etc. And you can assign a script to a hotkey, so it's even faster. http://www.scriptspot.com/search/apachesolr_search/reset%20xform
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Edit... using the Xform modifier is useful when you want to do pos/rot/scale using a modifier, which lets you make the transform at a certain place in the stack.
http://www.scriptspot.com/search/apachesolr_search/reset%20xform