Your code actually is working… just not in the way you think it should. At the moment, if you load the form, then click the button, it appears that nothing happens. However, try reloading the page, changing the value of the text element, and then clicking the reset button. Currently, your jquery code resets everything back to their default values. Since the text element has a default value of "defult", it will go back to that.
That being said, perhaps you should look at this article, which may give you a slightly different perspective:
http://www.learningjquery.com/2007/08/c … -form-data