Default Will restore wipe everything?

I have a rooted ouya with the xposed FW on it. I did not install CWM though.
I was thinking about just going back to non rooted stock and doing a restore but was curious if this will wipe out games saves and such.
Also I moved ALL my games to my USB drive and was wondering if those will get wiped, or remain on the card?
If they remain on the card though will I still have to download them again since the system files will get wiped.