It will only remove the link to it on the 'physical' phone, the account itself will still exist - you just need to sign back into it after the reset (in the same way as you originally linked your phone when new).
I did read somewhere (I forget where, but will come back & edit if I see it again) that the newest version of the market allows you to change accounts without a reset.
Having said that, I do wonder if this may lead to problems with apps installed via different accounts, especially paid ones, but I dont know enough (yet) about android to know if the apps remained 'connected' to the gmail account after install. I am sure one of the experts here would have more idea.
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