On my 2nd run/charge, my reverse was slow and the brakes didn't work.

So I called Traxxas support and the rep suggested I send in the car to get the ESC fixed. I thought I should take it to HobbyTown to get a second opinion. The employee called Traxxas support and they walked him through the reset/setup process, which took about 30 seconds. Viola, my problem was fixed.

The instructions are in the Owner's Manual found here:
http://www.traxxas.com/PDF-Library/7008_7108_manual.pdf

Then on page 16 go to the "Setup Programming (Calibrating your ESC and transmitter)" and follow instructions.

There you go.