I've asked about replays in the past. From what I can gather a saved replay is just a bunch of alpha-numerics that Flash reads from. Much of the data is actually pulled from current profile info. That's why it's always the current avatar/clubs that are shown, not what was in use when the replay was saved.
The ball used is saved, and I'm guessing the club info is saved as well, but the graphic comes from what's in use currently. Funny to see some old replays where there is no club in hand because the replay was saved with (for example) a 9 degree driver, but an 8.5 is the current club.