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Wipe data and cache is not the same as a factory reset i was having trouble with roms and traced it to a clockworkmod update that had installed an incompatible recovery file
A factory reset Is wiping data, that's why many phones say in their recovery factory reset/wipe data. So yes wiping data and cache is the same as a factory reset.
just use titanium backup as stated above.. or mybackup .. these will restore your apps and the data from them with no hassle.. i use TB everytime i wipe.. never had a problem