I know enough about Melodyne to know it is a remarkable piece of software. My kid used V-Vocal and swore by it, when I showed him Melodyne with DNA a few years ago (prior to being packaged with SONAR), he was blown away.
Albeit, it isn't the easiest software to learn but if you need to do audio surgery, I don't know of a tool that comes close to what it can do (maybe AUTO TUNE before DNA).
That being said, I want my LOTUS 123 back.... can't do nearly all the tricks in EXCEL that I used to be able to do.
RexRed... watch the tutorials on Celemony web site... they will give you tons on insight on what the program can and can't do. It is quite amazing and the fact that it was free with X3 was amazing to me.
Jim
PS - it comes free with Studio One 2 as well (the pro version at least)