Positive ,I was expecting it to change but it never did until after I upgraded and only after the reboot of ISY and restarting the console, at that point the writing device xx.xx.xx dialog came up which was the address of the new device, at that point when I checked the address associated with the named device I replaced, the address was changed from the old to the new.
Was not sure what the replace function would do, so I took precautions, on the next one will attempt without making changes to see the real benefit of the feature as I really like the design of the feature.
The console show now pending changes (writes) green icon.
The old device is no longer show anywhere in the console that i can see now that the replacement is complete.