The idea of this operator is to be able quickly replace one node with
another one without worrying about connections. For example, it's now
really easy to replace Diffuse BSDF with Hair one, or replace Render
Layer node with Image.
Nodes compatibility checks are not really comprehensive yet and could
be improved further (so one can replace, say, Value node with Texture).
Mapping of sockets for relinking could also be improved.
The shortcut is Alt-R.
But patch is ready to be tested by artists i think.