At the moment, Replace Object does not really replace the object...
It will replace the object layer with another object layer....

For example.... If i replace an object with 2 layers, with a new object which
has 5 layers, only the first two layers are replaced...
This works in reverse as well..

It should replace the object and not the object layers....
We already have a replace object layer, no wait.... make that we have two of them....

This was improved in 8.x, but it's still essentially the same problem i had before.