Gregkonji
I just watched the advanced editing video performed by the same guy as the link you shared. It looks to be as tedious as using Sonar's audio snap manually correcting per measure. All the Melodyne marketing I've seen makes it seems like some amazing artificial intelligence machine that would save me a bunch of time.
Yes, it can be tedious, depending on content "quality" and how much the tempo wanders. By "quality" I mean how well Melodye can interpret the audio. Some audio files seem to be easier for Melodyne than others. So, if you have several tracks, choose the one that Melodyne works best with. Or, sometimes, using all works better since Melodyne has more information to get clues from. I think you said you had Essential? You won't have multitrack capability there, but if you upgrade you will. Unfortunately it's usually a bit expensive to upgrade unless you happen to catch a deal.
Also, you don't have to adjust every transient. I typically align measure lines, and the Melodyne algorithm adjusts beats within the measure automatically. My workflow usually involves adjusting the first beat of each measure, working left to right (increasing time) with the "coarse tool" and then take a second pass with the "fine" tool.
By the way, it may help your understanding better if you think of the two tools a little differently than the video describes them. The "coarse tool" (the top of the tempo curve) will adjust beat lines in a "free" fashion which typically results in overall changes in average tempo. It seems to affect the alignment of beat lines in adjacent measures slightly. The "fine tool" (bottom of tempo curve) can be thought of as an "maintain average tempo" adjustment tool. In other words, when you drag a beat line, you'll notice that the tempo curve will decrease on one side, and increase on the other, causing no average tempo change, just a localized one. This is useful for the second pass in my workflow since previously fine tuned measures (to the left) will not be affected by the measure you're working on.
This saves a little time over AudioSnap because in the first pass, contents within a measure will be adjusted as well. In AudioSnap, you'd have to select the transients within the measure and drag them all such that the first downbeat is on a measure line, but now the rest of the transients will be dragged linearly and they will be off. The other way is to adjust each transient in AudioSnap, and that is REALLY tedious. Melodyne will do the within-measure transients automatically.
I'm not sure how much of this Melodyne Essential will allow doing, but hopefully some of this has helped.
Good Luck!