Yes I believe Georeferencing is for rasters & Spatial Adjustment is for other features. In my quest to do the same thing, even with Spatial Adjustment the features would NOT move. So, ESRI Support told me: The following steps help to fix the issue: 1. Create a Feature class in the Geodatabase with unknown spatial reference. 2. While creating the feature class import the fields from the original feature class. 3. After creating the feature class right click on the feature class and assign the projection by importing the desired projection. 4. Right click on the feature class and then click on Load > Load Data. 5. Select the feature class to from which you need to load the data. 6. Create another feature class in similar manner. 7. Register the feature classes as versioned. 8. Start Editing and make sure the editing templates are created visible in edit session. 9. Create four or more control points and adjust the data. 10. This would adjust the data spatially. Also, for doing any editing in SDE Geodatabase, the feature classes and the data set have to be registered as versioned. Good luck.
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