I think the Edit Links dialog is OK for changing a few links at a
time, but you wouldn't want to do a few hundred that way because it
forces you to select each individual new file, one at a time, in the
Change Source dialog (the Open dialog clone).
Especially when the change is only in the folder or share, not the
file name, it was a one-step operation to use Replace on the field
codes. Now that links are no longer fields, you'd have to use the sort
of macro I described if you want to avoid the dialog. And no, there
isn't a macro equivalent of the Edit Links dialog, at least nothing
that's documented in the What's New section of VBA Help.
I'd be delighted to be proved wrong, but I think this is one of those
features that wasn't completed for lack of time.