What’s the difference between jQuery’s replaceWith() and html()?

Take this HTML code:

<div id="mydiv">Hello World</div>

Doing:

$('#mydiv').html('Aloha World');

Will result in:

<div id="mydiv">Aloha World</div>

Doing:

$('#mydiv').replaceWith('Aloha World');

Will result in:

Aloha World

So html() replaces the contents of the element, while replaceWith() replaces the actual element.