Ordinarily, it wouldn't be a news story that a video game allows players to wipe their save data and start again from the beginning, any more than we'd write a story about a game that features cut-scenes and dual-stick controls. But when the game is Resident Evil: Revelations, it's a story.
Remember, the last Resident Evil game, "Mercenaries," didn't allow players to reset save games without it being a huge issue, leading many to suggest that Capcom's motivation was to discourage used game sales of the title. Others countered that they didn't allow multiple saves in Mercs because it's not a story-based game -- it's a set of missions where you are encouraged to beat your own times, where Revelations is plot-based.
Whatever the case, Capcom seems to have learned its lesson, and included the ability to erase all save data easily. God bless America!