The wipe occurs when installing a rom, kernel, or doing a factory reset on a current ICS kernel of any kind, stock, stock unsecured, cwm. Data seems to be the one hit all the time but technically with factory reset the Cache partition is also a possible victim. The kernel issues a command to the eMMC but the eMMC firmware that actually does the wipe is bugged and randomly corrupts the low level area of memory.
Last I word I heard (posted by sfhub on the 1tth) was using Calkulin's format all was safe. But I feel like you wondering about the full versus no data one clicks? ODIN is fine do not worry about ODIN.
Current Phone Nexus 5 | Black 311 | CyanogenMod 11 | T-Mobile
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