No, it does not replace div, div is still the generic “meaningless” block container, section has a meaning and proper usage.
The section element is not a generic container element. When an element is needed only for styling purposes or as a convenience for
scripting, authors are encouraged to use the div element instead. A general rule is
that the section element is appropriate only if the element’s contents would be
listed explicitly in the document’s outline.
There is no reason not to use id or class on a section. I often use id on sections of an article for anchors in the page index to target:-
<li><a href="#chapter5" title="Jump to Chapter 5">Chapter Five</a></li>
Etc… Etc…
<section id="chapter5">
And as felgall says, you may need it for applying css or simialr.
Although I do see people putting class and id to html5 tags unnecessarily, for example:- <header id="header"> or <footer class="footer">
but there are cases when this is needed, like if there are a number of headers on the page, and this is the main page header.