The one caveat is that there are times when the business realizes that their old workflows and features aren't what they now need. The rewrite becomes a new project competing with the old rather than a functional rewrite.

This is also fraught with peril. However, it is a different set of problems. In an ideal world, you have engineers who can make reasoned decisions.

However, if the company culture allowed one application to devolve into chaos, what will make the second application better?