My thinking is that this button would clear the values in the editable fields and reset the Story to it's original state when added to the Canvas. Taking the Generic Twitter Feed Story as an example, this would reset the title to 'Twitter' and remove any Twitter user set. So it's essentially like removing the Story and adding it to the Canvas again.
This is different behaviour to the 'cancel' button, which undoes any changes you've just made to the Story and returns the values to what was previously there. It would have to be clear to the User that the two buttons do different things, despite the similar results.
My thinking is that this button would clear the values in the editable fields and reset the Story to it's original state when added to the Canvas. Taking the Generic Twitter Feed Story as an example, this would reset the title to 'Twitter' and remove any Twitter user set. So it's essentially like removing the Story and adding it to the Canvas again.
This is different behaviour to the 'cancel' button, which undoes any changes you've just made to the Story and returns the values to what was previously there. It would have to be clear to the User that the two buttons do different things, despite the similar results.
Raising this issue for open discussion.