What will happen if I reset my iPhone to factory settings? And how do I do it?

I just got iOS7 but I have to say, I'm very disappointed with the outcome.
If I reset it to "factory settings" will it go back.
Also if I do that will it delete everything on my iPhone.
Actually, scratch that.iOS7 already deleted EVERYTHING.
I very much dislike this. How do I go back?

Nope, it will still be IOS 7

Apple doesn't provide a way to rollback iOS updates. And your phone should have been automatically backing up to iCloud, or iTunes if you still use that. Plug your iPhone into your computer, and select "restore from backup".

Factory Reset deletes everything and resets all settings.

If you lost something it's gone. For good.

The only way you can actually go back, or what was designed to make a downgrade, was a program known as RedSn0w, although I think that iTunes is supposed to be able to do it for you if you click SHIFT + restore. First you need to back up and download your SHSH blobs with Tiny Umbrella, you have to pick to which version you want to downgrade, the best think you can do its look for the tutorials that come up in youtube, its the easiest way to make sure you don't mess anything up.

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