Wally's electric touch revived the memories of a handful of his closest friends, but not his wife Linda. But Superman merged with his new 52 persona, and that actually changed reality, making it so that he and his family (pre-Flashpoint Convergence version) belonged in this new continuity. Everyone touched by them now has a history that is retconned to accommodate them. From this I gather that the biggest complaints fans have had about the new 52 were the changes to Superman and the absence of the original Wally West. I know for sure that Wally's erasure from reality during Flashpoint bothered me. I may not have quite accepted him as the Flash, but I value the character, and have always thought that all it would take to please me was just a little tweaking of his costume. Which I finally got, in the end. I am very happy with his return, and now accept him as the Flash without reservation.