Thanks . since i already updated to 7.0.3 then by your process, its too late to reset settings, so I guess I wont do that.
if you have lag in your ios device, resetting all settings seems to restore speed especially in the keyboard.
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There's really no reason to reset settings if you aren't having a problem. If the new iOS needs a new setting it will add a default value. If an old setting isn't used any more it's ignored. The only time you could run into a problem is if a settings usage changed and the old value isn't valid, but iOS should detect and correct that (barring bugs).
Preemptively clearing all settings prior to an update won't really do anything and if everything works after the update, there's no need to clear settings.
in general yes, you do not need to reset all settings, but I started to do it per-emptively and I have not had any issues migrating to iOS7 even through the betas. however Others have expressed problems with laggy keyboards or poor upgrades to iOS7