There is an existing iphone app, but its boring. However the same app shall be replaced by another more exiting app, BUT all data stored in each clients app database has to rema
I am assuming, by replacing, you mean a whole different codebase.
As long as your Bundle ID for the old boring app and the new exciting app are the same it doesn't matter. The new app is considered as an update.
If you release the same old boring app with a different Bundle ID, then its considered as a new app, and not as an update.
So, if you want to make use of the old boring app's data, you have to make sure the BundleID remains unchanged.