For one, that is a
useless use of cat, for another, why use
-n when you just want to print your lines anyway? That's what
-p is for. You can also put
-i to good use here to edit the file inplace, as well as supply a suffix for a backup copy to be kept.
perl -i.bak -pe 's/escaped_old_ip/new_ip/g' bigfile
Details are available in said manpage.
:^)
Makeshifts last the longest.