The switches are mechanical devices and do wear out. I don't know how many "trips" makes up a life-time but I have replaced a couple old outlets that would not reset. They were in damp locations so corrosion might have been a factor to.
I'm surprised that all the power in the room comes through that one GFCI outlet but it does make sense since everything down line from there will be protected by the GFCI unit. When you replace the outlet get the little tester plug to be certain it is wired it correctly. Make a note of where the the wires go on the original installation and you'll be fine unless it was incorrectly done in the first place.
Almost every book on home-maintence/improvment will have diagrams on these installations and the directions with the merchandise are good too. Don't worry if the new units don't have the black and red buttons. These items are beng used in a wider variety of places these days, so they are made to be less cosmetically intrusive.
...And that's all I think I know about that. Good luck!
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