REPLACE INTO table(column_list) VALUES(value_list);
is a shorter form of
INSERT OR REPLACE INTO table(column_list) VALUES(value_list);
For REPLACE to execute correctly your table structure must have unique rows, whether a simple primary key or a unique index.
REPLACE deletes, then INSERTs the record and will cause an INSERT Trigger to execute if you have them setup. If you have a trigger on INSERT, you may encounter issues.
This is a work around.. not checked the speed..
INSERT OR IGNORE INTO table (column_list) VALUES(value_list);
followed by
UPDATE table SET field=value,field2=value WHERE uniqueid='uniquevalue'
This method allows a replace to occur without causing a trigger.