im not 100% sure but i think it just sets up a new content folder, so any content would need to be redownloaded from the eshop....but again im not 100% sure, i might have a lil try later, but im pretty sure the console ID is whats used for accessing the eshop as long as its using the same NNID that downloaded stuff to the console previously, but you will need to redownload them and you will likely loose your saves and stuff
just try not to format, and have a emunand dump of your emunand setup and you will always be able to restore it and use the existing content
just try not to format, and have a emunand dump of your emunand setup and you will always be able to restore it and use the existing content