Y'know, I do think the show is too good to use a cheap reset. (Please note the emphasis on "cheap".) Bobby dreaming a whole season of Dallas is a cheap reset. Soap operas bringing people back to play their own twins is a cheap reset. There are tons of other examples (and this isn't the place to cite all of them).However, unless ME is floundering with no one at the helm - or with someone who's not helm-worthy in charge - this show is above a cheap reset. (And let's please not get into the Marti vs. Joss stuff.)
BTVS doesn't just pull things out of it's ass. Just look at all the events that have occurred over the years and how many of them, in hindsight, were clearly foreshadowed. A lot of the most recent spoilery speculation has involved trying to find items, comments, events, etc., that we've seen so far that will turn out to have been foreshadowing. And there's plenty to chew on, what with all the time/perception-distorting elements running around.
It may be that ME is miscalculating the loyalty of its fanbase by going down this trainwrecky road in the first place. It may cost them unspoiled viewers who are likely to see what's been a dark and depressing season getting even darker and more depressing. It may cost them spoiled viewers who are unwilling to watch while their favorite characters and ships are run through the mother of all ringers. And some people will be so pissed off that a reset/reversal/whatever won't matter; the damage will have been done.
But all that is in the future. Based on what we've seen of this show up until now, I think whatever reset occurs will not be cheap. It will probably be bittersweet and have all kinds of unforeseen angsty consequences that will make for compelling drama, but it won't be cheap. Just like bringing Buffy back. That was a reset of sorts, but it wasn't cheap or stupid or lame, even though, in less talented hands than ME, it could have been.
I'm trusting in ME's collective talent and intelligence to do this wisely unless/until they show me they don't deserve it.