RequestContext.getCurrentInstance().reset("form:panelform"); clears cached values - in case a validation during ValidationPhase did not work out correctly, the wrong values can be shown to the user on the following page.
I guess, what it not does is to clear values from the Model. Caused by this, during RenderResponse the Model values will be written back to the xhtml-output. To prevent that, just set the input fields to null manually in your action method.
The following link "How to clear all input fields in p:dataTable?"suggests setting the input type="reset". If it works, give me a hint. :-)