I call it needless overhead. Seriously, is it that difficult to reset padding and margins only when you need that? Do you really want to have extra HTTP request for some dumb CSS file you can do just fine without?
And it has nothing to do with code reuse. Setting a margin, whoa, rocket surgery, no less.
The whole point of a Reset is to have a clean slate to start from. Do you really know, and want to know, every case where IE6/Safari3/ObscureBrowser300 adds a default padding/margin, and how that is different from Opera/Firefox/etc? Same for font families, sizes and styles?
In my opinion, working without a reset of some kind is quite similar to writing C++ classes where data members are not initialized to meaningful values... you just can't trust what you'll end up with.
Do you really know, and want to know,
every case where IE6/Safari3/ObscureBrowser300
adds a default padding/margin, and how that is
different from Opera/Firefox/etc?
If I care about the margin, I will set it myself anyway. If I don't care, I don't care what the default is and have no
need to reset it. As simple as that.
Your choice. I'll just take YUI Reset, combine it with YUI Base, both of which have already been tested thoroughly, and get a reusable foundation for future use.