I say: Searches for and replaces strings in text files. Its easy drag'n'drop operation sometimes makes this simpler to use than BK Replacem, particularly for substitutions involving strings which span a number of lines. Not strictly freeware, (BK Replacem is) but as it's unlimited shareware I will continue to recommend it.
They say: "The new version of Multi-Replace provides an even more powerful find/replace capability than the original. It can search and replace text in any file, or in groups of files.
Multi-Replace is a search-and-replace tool which allows you to choose a group of files and do a search-and-replace operation on all of those files simply by pressing one button. As with search-and-replace functions in a word-processor, you can replace all instances of a piece of text, or whole words only, and you can make the operation case-sensitive or not as you wish.
Multi-Replace will also automatically back up your files in any location you choose before changing them, and will restore the originals if you change your mind about the changes you have made.
The program can store the jobs you have done, including the list of files you searched, from any number of directories. You can configure your own file types, and the program even supports wildcard replace operations.
Shareware distribution gives users a chance to try software before buying it. Multi-Replace version 2 is distributed in its full version, and is not disabled in any way. You may use the program for a trial period of 30 days; after that, if you wish to continue working with it, you will have to register"