I’ve just searched for a way to reset the Java Formatting Options in Netbeans 7.1.1. And I didn’t find a convenient way to do this. The only way I found was to directly delete the .xml file (org-netbeans-modules-editor-settings-CustomPreferences.xml) which is responsible for storing the Java settings:
USER_DIR/.netbeans/7.1/config/Editors/text/x-java/Preferences