Absolutely.
I will do a factory reset before an OS upgrade, and sometimes even immediately after the OS upgrade process completes and the phone has rebooted back to the desktop. That was particularly the case with the Android 4.4 update, which behaved a little funky immediately after installing. A factory reset cured it of all issues, save one: massive power draw.
Generally you need to do factory resets and specialized wipes in between different ROMs, if you're into rooting and re-ROMing your phone. I used to do that when I had an EVO 4G, but haven't done it at all on my N4 yet.
Sometimes, the thing's been in service for a while and has lots of crud accumulated, so I'm just like "screw it" and I'll be sure my non-cloud-based stuff is backed up, and then I wipe and set up the whole thing from scratch.
Posted via Android Central App