Hi
A few things I noticed. You probably should use a non-recycling cursor for updating. I am not sure why you are trying to delete a feature and create a new one with the exact same shape. You can update the features geometry directly with an update cursor through the shape property. If the code you provided worked, the only thing I could see it doing is changing all the objectids and setting any attributes to default, the shapes will be the same. If that is what you want to do, I would advise to let ArcObjects handle the ObjectId, and you can change the attributes of the feature with an update cursor without deleting and creating the features. If you truly want to set a feature's shape to another feature, I would suggest using shapecopy. I would also recommend you add the cursor to the comreleaser (managelifetime)