No....
Power = hold to turn on, hold to turn off, press to wake, press to sleep.
Reset = off, followed by on.
Ask any person to "reset" their computer and see what they do. Home isn't "reset" any more than Expose-F11 is reset on a Mac.
I challenge you to find a person you've ever said "reset your computer" to and why. No one says "reset" your computer. It's always "Restart", as in "Reboot". Ask someone to "reset" their settings and see what they do. Power them off, followed by on, or restore them back to the beginning - the default?
Your argument about the terminology of "reset" is ludicrous.
*You edited again. I'm not saying that "reset" as pertaining to the iPhone is to actually power off or on, you're understanding me incorrectly. "Reset" is more the action of going back to the beginning, like I said. For instance, the first iPhone - no multitasking. You hit the Home button, and what you were just doing is now gone, only returning you to a Home Screen, where all you can do is select the next function. To leave, you hit Home, in turn, "resetting" your position to that Home Scree, and leaving your previous function.
(I'll admit, "Power = hold to turn on, hold to turn off, press to wake, press to sleep." is actually a good idea. / Also, I'd like to add, if you "Reset" your Airport Extreme, do you simply turn it "off, followed by on", or do you revert everything to the beginning - the default?)