You will start in a new world with the same seed. In addition, it will automatically select all the same options (superflat/default, large biomes on/off, etc.) as you had initially chosen for the world. You are given a chance to change any or all of these before actually creating the world, however.

What happens when you recreate a world in Minecraft?

The world has a default spawn point when it's created, and all players will spawn and respawn near that spawn point until they move their spawn point somewhere else with a bed.

What does recreate world do?

Our mission is to fully recreate the entire Earth in Minecraft at a 1:1 scale. ... Every language, nationality, and regional difference is accepted and regarded as our greatest attribute as we continue our journey to unite all of Humanity's greatest achievements into a single Minecraft world.