
Combine this with another feature, where if you do a substitution with a blank regular expression, Vim will use your last search term. What does this look like? Well, a fast and effortless replacement:

To recap:
Set incremental search in your ~/.vimrc by adding set incsearch.
Search for the term you want to replace with / using ctrl-l to complete the full match.
Use a blank substitution to replace items matching the last search :s//new_text/g (the g will replace all occurrences found on that line).
Happy Vimming!