If you’ve gotten into using a Sounds Project or a non-library location for storing your presets, you may have found that using hot-swap is not entirely smooth because Live directs the browser to the default preset location, leaving you to locate your custom preset folder manually.  That’s why I drag and drop instead.

To replace a device (and leave it’s MIDI mappings in tact as described yesterday), drag the device out of the browser and drop it directly on top of the device you want to replace.  The device you’re replacing will be highlighted with a dark outline to let you know you’re in the right place before you release the mouse button.