I am trying to understand what is possible with Annotation layers. The Convert Labels To Annotation tool will save an annotation layer to the output geodatabase of choice. Is it possible to retrieve the saved annotation definition to apply it to a new map layer?
Edit: I now understand that the Annotation layer can be exported to a layer and saved to disk. My motivation was to be able to automate consistent labeling between datasets as they are updated. An annotation layer can be used to provide labels for elements that don't change, like geographical names.