Contrary to what the regular reload does, the warm reload does not change the configuration register value (obviously that's done by ROMMON, which is not involved in the warm reload process). If you just did a password recovery and changed the configuration register back to a normal value, you'd thus be unpleasantly surprised when the NVRAM would be ignored (yet again) after a warm reload (I stumbled across this as I was trying a new IOS release with the reload warm file URL command).