"Reset to defaults" doesn't work

Either the same thing is happening to me or I dont know how to use the module.

Clarifying the title.

Are you guys using entitycache?

Right now, the 'reset to defaults' button actually *does* reset to a default state, but it gives no message or other indication that it does anything. The only way you can tell is to check to see if any modifications you made to the panelizer state have been changed. There is an issue to address this here: #1515428: "Reset to defaults" should have a confirmation step with a description

Are you guys using entitycache?

I'm using it. And need to flush cache on each panelizer reset. Otherwise I can't see changes

If you use entitycache module you need to flush it on each panalizer reset.

Add your submit in 'panelizer_reset_entity_form':

function MYMODULE_form_alter(&$form, &$form_state, $form_id) {
  if($form_id == 'panelizer_reset_entity_form') {
    $form['#submit'][] = '_MYMODULE_panelizer_reset_entity_submit';
  }
}

than focre entitycache flush

function _MYMODULE_panelizer_reset_entity_submit($form, $form_state) {
  if(module_exists('entitycache')) {
    $entities = entitycache_supported_core_entities(TRUE);
    foreach (array_keys($entities) as $type) {
      cache_clear_all('*', "cache_entity_{$type}", TRUE);
    }
  }
}

also see https://drupal.org/node/2178069