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I'm not sure what you mean. It does that because otherwise people end up with favorites dangling on deleted posts. If someone has a favorite on a post, and there's something wrong with the "updated" post that would make him not want the favorite moved, the original post probably shouldn't be deleted anyway--should only do that when the parent post is unequivocally greater than or equal to the post to be deleted.
I just wanted to understand your reasoning behind it.

Will it boost the 'votes' for the replacement image? I assume you are using the normal favorite rules.