When you reset this, you log back in, set the IP address/default gateway/DNS info, and re-connect to the Palo Alto site to license the box. Everything like the OS version you had plus the updates you did will be there, after you put the license back on. However, you may want to check for updates again to get it completely up to date.
UPDATE: I did this on another unit and it wouldn't boot up afterwards. I had to do a factory reset on it and build everything from scratch again. Just fyi