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I don't think this is actually well documented anywhere...

update = A field on the resource has been changed
replace = We've deleted a resource and replaced it with a new one
create-replacement = This is the create side of a replace, the replacement resource just created
delete-replaced = This is the delete side of a replace, the original resource that's just been deleted

Awesome info, thank you!
Suggestion (if you work for Pulumi): Add this to the documentation  :wink:

<https://github.com/pulumi/pulumi-hugo/issues/1225>

Tx!   Added some more info in the ticket too.