"My Passport Wireless pro" "Restore Factory Settings"

Have had a few odd events on my drive, thinking it might be good to reformat and reload it. All my data is OK, I just want to start clean. So I was looking at the Restore Factory Settings button in the Dashboard. It seems that it will reformat the drive AND reload the WD specific files and folder structure. Have I got that right? Do I do that with drive wirelessly connected to my PC? Is everything it needs in the firmware or does it need to make an internet connection?