Inbetween the Display port, and the Activity LED on my Raspbery Pi 2, There are 2 holes boxed off, labled with: "Run".
What are those pins? What do they do? Is it a reset?
Short answer: It is a reset.
Here is why:
From the ARM information center - Cortex-A7 MPCore Technical Reference Manual
Run mode
This is the normal mode of operation where all of the processor functionality is available. The Cortex-A7 MPCore processor uses gated clocks and gates to disable inputs to unused functional blocks. Only the logic in use to perform an operation consumes any dynamic power.
Basically, the BCM2835/BCM2836 runs normally when this RUN pin to the IC is held to a logical HIGH.
From the Raspberry Pi Foundation's website - Released RPi Model B Schematics
It might be a bit difficult to see, but off to the left of this schematic is the wiring for P6, which you see as RUN when you look at the physical board.
During normal operation (leaving that connection open), PIN D15 (RUN) to the BCM IC (IC2) is held to a logical HIGH by R15 (pull-up resistor). When the P6 connection is closed, that same pin is pulled to a logical LOW (electricity likes to take the path of least resistance), effectively clearing that state to IC2 and resetting your system.
I found that it can be used to restart the RPi after it has been shutdown with "sudo shutdown -h now" command. By grounding and then releasing the RPi will run.
If you have halted the Pi it will "reset", and thus reboot. I would suggest you refrain from connecting them on a running Pi, as this risks SD corruption.
Yes, if you connect the two pads with a piece of wire the Pi will reset.