No this does not replace the switch. It's just a matter of aesthetics with the wiring.
The original suggestion was that you detach (cut) the existing Cat5 cables from the GE board and then crimp rj45 plugs onto the ends of each cable. The cables would then be plugged into your new switch.
KenZ71 was suggesting 2 different wiring options that meant that you didn't need to "crimp" any new rj45 plugs (which can be a bit tricky). Instead, you take the wires and use "punch down" tool (easier to use IMHO) to attach rj45
sockets instead of plugs. These little sockets can either be free standing (
http://www.amazon.com/gp/product/B00IO3HEN6/?tag=snbforums-20) or mounted altogether in a panel (
http://www.amazon.com/dp/B00UVQI8B6/?tag=snbforums-20).
You will then have to buy "standard" Cat5/6 patch cables to connect from your new sockets to the new switch.
Both these options involve more components in addition to the switch; sockets and patch cables (so more cost).
These options may be attractive if your existing Cat5 cables won't reach to where you want to place the switch.
The advantage of option 1 is that you can just use a punch down tool rather than a crimper, which is easier to use.
The advantage of option 2 is that the whole thing looks "more professional" and potentially neater. You're effectively replacing the GE patch panel with your own.
As for the "feed" line, I don't know. I couldn't see in in the pictures you posted, unless it was the "Input" block? You'll have to trace the cable, but if it is the "Input" block then logically it should be the main telephone feed into the house.
Edit: I forgot to mention... these are just plain plugs and sockets so there's no power requirements.