So the Motorola Q is the hot new thing this week, and probably for some time to come!
How to do a hard reset (which will erase everything) on a Motorola Q
Select Start | System Tools | Master Reset
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6/28/06 - Updated
A couple of people have emailed me because they can't get into the Start menu on their phone to do the hard reset. I spoke to Motorola technical support, and got an email from someone who has been working with pre-production Qs for 6 months, who both told me there is currently no other way to do a reset on the device, other than what I have posted above. But it's definitely a "feature" that I hope will be incorporated into any future versions of the phone.
If you are having problems with your Q already (since they were just released a few weeks ago), don't be afraid to exchange it for a new one.
The Motorola Q tech support line that I called was 1-800-657-7576.
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3/1/07 - Update
A reader reports that a Master Reset can be done on the Motorola Q by pressing and holding the center navigation button and the red power button simulaneously at power up. I don't have a Q here to test with, so give it a try and let me know if it works.
Thanks to redace for the tip!