You don't need to install an update to us 2GB Memorysticks.
Yes, it will erase all those apps. It will restore it to default (unless you choose to restore your back-up after the hard reset).
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Sony Clie N760c -> Sony Clie TG-50 -> Treo 600 -> Sony Clie NX80, Fossil wrist PDA-> Sony Clie UX50 -> Sony CLIE VZ90 -> TG50, iPod 5.5 Gen -> Sony CLIE UX50, Sony PEGA-EB40 -> Sony CLIE PEG-TH55/E1, Samsung A900 (Blade) -> HTC Touch -> Palm Pre -> HTC Hero, Apple MacBook -> HTC Evo ->Nexus S 4G, Apple MacBook Pro
I like iSpin, it's my favorite launcher!!
I am the 2nd top 1src poster!!