jtzako
New member
Texts would be restored when you sign in after initial set-up. You can redownload paid and free apps, but they won't be reinstalled automatically. All app data (app settings/game progress, etc) would be lost. However, Windowsphone.com has a page that tells you what apps you've downloaded, which makes reinstalling them easier.
After I logged back in w/ my Microsoft account it actually put icons for all my old apps with a 'pending' indicator. All I had to do is go through and click them and start downloading. As far as I can tell I did not loose anything other than certain in-app info like game scores etc.