I didn't bother to replace mine; like fac191 says, it's only rated for 3 amps, which means that something like an air compressor is liable to blow the fuse on that circuit. Even if you replace it with an outlet with a higher amp rating and a higher fuse rating in the circuit, you'd have to change the wiring too in order for it to be safe.
Rather than mess around with the OEM outlet, I just added a couple to the bike with some homemade aluminum brackets attached to the handlebar clamps. They're marine outlets with waterproof covers, and have a higher rating than the OEM one, and I have them wired with 12 gauge wire so they can handle pretty much any load I'm likely to use them for, from a GPS or phone up to my air compressor. They're easier to get to than the OEM one. Both are wired into an Eastern Beaver fusebox under the seat; one outlet is always hot, the other is switched. I made one always hot for emergencies, like being able to charge up a phone if I was stuck somewhere and the bike wouldn't start.
The cover for the bottom part of the outlet is just a pill bottle sprayed with truck bed liner and zip tied to the outlet.
For powering a GPS or phone attached to the accessory rail on the windshield, I made a shelf out of an old 20mm ammo can and added a couple waterproof USB outlets. The shelf is mounted right above the instrument pod. This way, there are never any power cables stretched across the front of the bike and getting in the way of either the instrument pod or the movement of the handlebars.