Player's Handbook FAQ
How does retraining and multiclassing work with the spellbook?
Can a 5th level wizard memorize two 5th level daily spells instead of a 1st and a 5th level daily spell?
They still don't explicitly address what happens when you replace a daily power due to leveling, though...
How does retraining and multiclassing work with the spellbook?
If you retrain a daily or utility power you only replace one of your two choices for that level. If you replace the power with a power from a different class through multiclassing you replace both spell choices with the new power.
Can a 5th level wizard memorize two 5th level daily spells instead of a 1st and a 5th level daily spell?
At the end of each long rest, a wizard prepares one 1st-level Daily spell chosen from the list of 1st level daily spells in her spellbook. If she were at least 2nd level, she would also prepare one 2nd-level utility spell chosen from the list of 2nd-level utility spells in her spellbook. At 5th level she would also prepare one 5th-level daily spell from her list of 5th-level daily spells in her spellbook. She would repeat this process for every level that she has access to wizard daily or utility spells. She could not, as a 5th-level wizard, prepare a second 5th-level daily spell in place of a daily spell of a different level.
They still don't explicitly address what happens when you replace a daily power due to leveling, though...