Looks like Eventide's Fission plugin does the same thing.
It allows you to split a sound into its transient and tonal parts, independently manipulate them using Eventide's world-class effects and then fuse them back together.
Torque is a lot more affordable.
Edit:
Torque seems to be aimed specifically at drums and video demo is impressive.
Fission is also pitched (pun intended) as a broader FX engine.