A few days ago I used make replace with OLDNAME a few times perfectly on 
my Linux system.

Today, on my NetBSD system it failed twice.

It tries to copy to directory /var/db/pkg/libXft-2.1.12 which does not 
exist yet:

tx:libXft$ make replace OLDNAME=Xft2
=> Bootstrap dependency digest>=20010302: found digest-20070803
===> Skipping vulnerability checks.
WARNING: No /usr/pkgsrc/distfiles/pkg-vulnerabilities file found.
WARNING: To fix, install the pkgsrc/security/audit-packages
WARNING: package and run: ``/usr/pkg/sbin/download-vulnerability-list''.
===> Replacing for libXft-2.1.12
WARNING: experimental target - DATA LOSS MAY OCCUR.
=> Becoming ``root'' to make su-replace (/usr/pkg/bin/sudo)
Creating binary package: Xft2-2.1.7nb3
Creating package /usr/pkgsrc/x11/libXft/work/Xft2-2.1.7nb3.tgz
Registering depends: fontconfig>=2.4.2 freetype2>=2.1.10nb1 
Xrender>=0.9.0nb2.
Registering conflicts: libXft-[0-9]*.
=> Preserving existing +INSTALLED_INFO file.
=> Preserving existing +REQUIRED_BY file.
===> Deinstalling for libXft-2.1.12
Running /usr/sbin/pkg_delete -K /var/db/pkg  Xft2
=> Bootstrap dependency digest>=20010302: found digest-20070803
===> Skipping vulnerability checks.
WARNING: No /usr/pkgsrc/distfiles/pkg-vulnerabilities file found.
WARNING: To fix, install the pkgsrc/security/audit-packages
WARNING: package and run: ``/usr/pkg/sbin/download-vulnerability-list''.
=> Fixing @pkgdep entries in dependent packages.
mv: rename /usr/pkgsrc/x11/libXft/work/.replace-+REQUIRED_BY to 
/var/db/pkg/libXft-2.1.12/+REQUIRED_BY: No such file or directory
*** Error code 1

Stop.
  Jeremy C. Reed