If my stolen iPod touch gets reset, will I receive a notification from iCloud?
No (for iOS 6 and earlier) - erasing an iOS device means you will never hear from it again. No messages, no tracking, no find my device since at that point. Even if "your device" checks back in with Apple, it is no longer associated with your account.

This is covered by Apple here in this article:


iCloud: Erase the information on your device



  After you erase all the information on an iOS device, you won’t be
  able to use Find My iPhone to locate it or send it a message.


Someone can enter a new (or your account) back into that device and only then will it resume checking in with the new account/password combination to be tracked.

The only way you might get a notification is if you first send the locate message and then the erase message and both remain queued in the proper order. Since the device was offline when you sent the two commands (otherwise you would have located the device if it were online), the device could later check in and it is conceivable you will get the locate notification delivered with enough time to respond before the erase command gets sent and acted upon.

Apple changed this in iOS 7 where activation lock and an enhanced lost mode can erase the device except for the tracking and registration. This brings the erase benefits without losing control of the device.