I just spent some time playing with the alg. I started with a guitar track I recorded to a AD2 beat and an explicit tempo. There were occasional peaks and valleys that weren't correct.
In general it follows the temp fairly well, but I'm not at all sure that I'll be importing any tempo maps from Melodyne. I thought I'd post this just in case anyone was aiming to upgrade to Melodyne just for the tempo detection.
Tempo detection might be cool for adding synths or converting midi to sheet music, but I wouldn't use it to add any tempo sync'd effects.
It might be interesting to record a track to AD2 then extract the tempo from the guitar track (played to AD2 at a fixed tempo) and sync AD2 to that tempo and see if it sounds better. I have a feeling on this one, but I'd be pleased to be proved wrong. It might get you that subtle push and pull of the tempo which is natural. Then you could set the midi track for AD2 to absolute time and reset the tempo to the flat rate for tempo sync'd effects.
It'd be subtle and perhaps cool.