It replaces the feat with this one, the old one will not be applied.
Your game will be affected by immediately seeing an increase in successful perception (and now investigation) checks because the old feat applied literally nothing to your character.
(I'm guessing it was too much of a headache to figure out how to apply the feat situationally to just traps and hidden objects. It seems the feat was left in as a placeholder until they figured it out, but it wasn't actually applying any buffs.)
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Your game will be affected by immediately seeing an increase in successful perception (and now investigation) checks because the old feat applied literally nothing to your character.
(I'm guessing it was too much of a headache to figure out how to apply the feat situationally to just traps and hidden objects. It seems the feat was left in as a placeholder until they figured it out, but it wasn't actually applying any buffs.)