CobyD, Yes, you are correct about being able to go back to original settings with that simple method. I uploaded some settings listed in the Extreme thread -- and while it worked, and seemed to give great results, only the 24p would function. If I pressed the record button when not on the 24p setting, it would just reboot the camera. So it's good to be able to test the great new settings and go back if necessary.
Have made my first donation for the cause! Looking forward to seeing this evolve! Great work everyone! And thanks.