My only problem with the system as it is, is that challenges you can't do again shouldn't reset.
Buying things with eridium, once you buy the new stuff available now, can't get that again. Same with optional challenges in quests--once you've done them and then reset challenges, you can never get credit for them again. Which makes it slightly more tedious to get the necessary challenge levels for subsequent resets.
For me, that philosophy reduces itself to: "I'm on board; pull up the lifeline."--Ebert on Rand