The hard reset method for the Palm Treo 700w is the same method of nearly every Pocket PC. You press and hold the power button while pushing your stylus in on the reset button. In this case the power button is the red 'end call' key. The reset button is under the battery cover and says reset next to it. So hold down the red 'end call' key while pushing your stylus into the reset button. You will then get a message on the screen that states:

Erase all data?
YES = <UP> button
NO = any other button

Press up on the d-pad and your 700w will hard reset itself. Press any other button and it will boot without erasing anything, essentially performing a soft reset.