For all players who have just begun or those who recently reset, This information will be quite useful if you do not know already. For those who have had experience in reseting or are otherwise more knowledgeable, please give feedback so that I may edit.

When to reset:
If you have recently begun and find out your planets are nothing but junk, or if you realize you made some bad choices on developing your ship.
You can reset at any time, but doing so in early levels reduces the setback.
Generally for low levels, a bad planet is one that has below average in its best resource and/or is below average size, but always look for the better.

How to reset:
Near the top of the game right below your rank is the 'help' button. On the window the third tab is 'Account Reset'.
Please read that through before continuing, and the button to reset your account is at the bottom.

What happens when you reset:
Your rank, ship, and researched technology will return to level 1.
Your cargo, credits, research and modules will be removed.
All your colonized planets will be emptied and abandoned, and all planets will be removed from your planet tab.
And all missions will be reset as well.

What doesn't happen when you reset:
You will not lose Galaxy Points, but you will not recieve the extra 10 from starting your account.
You will not be reimbursed for previous Galaxy Point purchases, even if you lost them due to the reset.
You do not go through the tutorial again.
You do not get another Planetary Aegis.

I hope this was useful, and again ask for feedback so that I may make this as accurate as possible. I kindly ask that this thread be made into a sticky.

I believe that all items you may have purchased with Galaxy Points (specifically F.A.T.H.E.R.S. and Weather Controllers which don't appear to be obtainable elsewhere) will be gone and you will not be reimbursed the Galaxy Points.