There are 2 versions of the developer version: * PandwaRF bare with FW ==> works out of the box as a regular PandwaRF * PandwaRF bare without FW ==> requires you develop your own FW
But in PandwaRF bare with FW version, if you erase the FW, you will only be able to re-install the Nordic FW. Note you will need some flash tools (cf. github.com/ComThings/PandwaRF/wiki/Hardware-Programming) to do so. The CC1111 FW will be lost, and you will not be able to reflash as we don't provide CC1111 FW binaries.
If you clear the CC1111 flash, it will erase both the bootloader (CCTL) and the FW, making the CC1111 unable to accept any other PandwaRF FW. So yes it will become a non-FW version. There is no way to save/restore the CC1111 FW at the moment.