Visio 2010: replace a shape

In Visio 2010, how can I change the shape of a single element?

If I create a new one, I'd have to re-apply text, connections and format.

I asked this question directly to the Program Manager of Visio 2010 at Microsoft during an internal MS event on campus and the answer was: "This is not possible". I have been missing this feature since Visio 2003 and hope that it will be finally added in the next version of Office.

An update: this feature was added to Visio 2013

See: https://docs.microsoft.com/en-us/archive/blogs/officedevdocs/change-shapes-in-visio-2013

The "Change Shape" feature was introduced in Microsoft Visio 2013. Demo: