The factory reset won't alter any firmware podsnap. But everything else can be reset. (Settings / About / Reset Your Phone)
If you can't wait, an alternative may be to flash your phone with firmware
available from the Sam Firmware website. (You have to register)
I've done this when they released newer firmware now and again.
It may solve your current firmware update problems.
http://www.samfirmware.com/fwwindowsmobile.htm
Firmware is also availble on their forums. (You have to Register)
http://www.sammobile.com/
Last one i used was March 2011 (I8700XXKC1 not I8700BSEKC1)
I've never had any problems at all, but remember, this is all done at your own risk.