I restored my new iPhone 4 from my older one (yellowing issues). I hear people saying I shouldn't have (or was this from any prior iPhone to iPhone 4 restore?). It didn't really do much, just put some numbers and settings back.
I've swaped iPhone 4's and just restored it. Didn't notice any difference or change. I did however set up as new when I first purchased my iPhone 4 for the first time when upgrading from a 3G.