just pressing the button only resets the AP,
for factory reset you need to keep the button pressed, on the 2700 it is when the LED goes to red about 30 seconds after power-up
do not keep the button pressed TOO long, in that case the AP ignores the button pressed.
When in doubt look at the serial console output, it will tell how long the button is/has been pressed.
added later :
To use the Reset button, press, and keep pressed, the Reset button on the access point during the AP boot cycle. Wait until the AP status LED changes to Amber. During this, the AP console shows a seconds counter, counting the number of seconds the Reset button is pressed. Then:
- To reset the AP to it’s default factory-shipped configuration, keep the Reset button pressed for less than 20 seconds. The AP configuration files are cleared.
This resets all configuration settings to factory defaults, including passwords, WEP keys, the IP address, and the SSID.
- To clear the AP internal storage, including all configuration files, keep the Reset button pressed for more than 20 seconds, but less than 60 seconds.
The AP status LED changes from Amber to Red, and all the files in the AP storage directory are cleared.
If you keep the Reset button pressed for more than 60 seconds, the Reset button is assumed faulty and no changes are made.