Please do not remove the not entirely redundant Members button; it is the only one - click method of cancelling the filtering. IMHO it might be better if it was renamed Clear All Filters (a better description of what it now does) but as is usual others might not agree...
But wouldn't it be strange if the Members button was missing?
I also agree with Chris and Mark, leave it there as it does tie things together context-wise, the list/sreen master reset button.
I'd also second renaming it as Chris' suggested, but I can also see the value of keeping the "Members" text on it, so my compromise suggestion would be to rename it to "All Members", you click it it and it shows you all members, implicitly meaning (reset list/screen to) no filters.
Or am I being too hobgobliny?
I don't think so; I do like a lot that you added the badge graphics in the filters, so as long as you don't let the hobgoblinging get to your head and start being mischievious, go at it, other areas like sub Adv settings and posting privileges can also use them. :)