I just downloaded my upgrade from 1.x but am on the road (story of my life) and won't be able to install and test it out for a while.
Great deal (on the upgrade) though. Especially since i originally picked up the V1 versions as a deal.
Mesh - it is a very intelligent harmonizer that can output MIDI - so can be useful for taking simple melody lines and coming up with great harmony parts -
The audio output of version 1 (and of elastique which I also own) has more artifacts etc than Melodyne but I find it good if you are judicious in its use. Very friendly interface and a stable plug though. I am hoping Version 2 has improved on the audio portion - it definitely looks like a lot of the MIDI portion has improved quite a bit.