Does XNA effectively replace Managed DirectX? According to the wikipedia entry for MDX it does. At least for game development purposes.
XNA aims to be a framework for making games, so it is easy to get started. Managed DirectX is "just" a managed wrapper over the APIs, so you have more freedom but probably have to do more framework style code yourself.
Also, now there's the API Code Pack, which provides managed wrappers around the latest DirectX APIs. To me that sounds like an updated version of what Managed DirectX used to be.
This answer is dated as XNA is no longer officially supported. Anyone interested in using DirectX from managed code should check out Win2D in addition to the suggestions in the other answers to this question.