I managed to figure out a little more on how things work . Here's what I came up with:
msdeploy -verb:migrate -dest:webServer60 -source:webServer60,targetName=http://192.168.0.100/MSDEPLOY
-replace:objectName=metaProperty,attributeName=value,match=192.168.0.110:80,replace=192.168.0.120:80
This does a replace of all occurences of IP address 192.168.0.110:80 to 192.168.0.120:80 within MetaProperty values. 'ServerBindings' is one of the meta properties and will be affected. The replacement is global and case-insensitive as far as I can tell.
Regular expressions are used to match the object name, attribute name and match pattern.
Is there a way to narrow down the matched objects based on their name in the case of meta properties?