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Is a cancel button necessary in a web form?

Are form "reset" buttons redundant? If not, why not? Give me a case where they are completey accepted, useful and maybe even encouraged/required?

They are rarely seen nowadays (especially within modern sites). Why?

@PatrickMcElhaney♦ has said:

<input type="reset"> was added in HTML 2.0, along with forms in general.

I don't know the reasoning at the time for having a reset button. It may have been meant as a primitive form of undo. I'm not sure to what extent user-agents (browsers), particularly text-based user-agents, supported the undo faculties that we take for granted in todays GUIs. Note that a reset button doesn't actually "clear" the fields; it resets them to their initial values.

Initially, I think people were mostly concerned with using HTML correctly and added reset buttons by default without thinking about it. Over time, the reset button seems to have fallen out of favor.

If you feel obliged to put one in; does that imply that your form could be more usable?

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