Justin release things once they are ready for release, he does not bind himself to some version numbers nor dates
The reason it is no in 5.96 is the following: they have changed the way duplicated items are exposed to ARA in one of latest betas. That way was in rc3, when Melodyne 4.2 was released. The approach they have tried to use was not what Celemony has proposed, also some users (including myself) have found it more then confusing (I was sure that is a bug, till I have found the explanation...). So they will revert, but it was too late and too error prone to do this on in rc.
But I repeat, betas have ARA2 for LONG TIME! Without corresponding Melodyne only Celemony beta testers was able to work with that. But normal users can also test now.
People try to do crazy things with that... Unlike Sonar, REAPER does not lock the source. Melodyne can be just inserted as a track FX and ARA2 is used automatically. It is possible to put new clips/ delete / slip edit / etc. Obviously Melodyne has to re-analyze in such cases. And it does, but so far not always with success. I guess that is a great "stress test" for Celemony and can help spot and fix many bugs.
Sonar like "per item" FX also works, but there is no sound during tuning in Melodyne in this case (since in REAPER item can not produce sounds on its own without playback or item preview) and time position can not be moved till REAPER time position is within the item in question. I think that is just early implementation problems, will be fixed next days.
Other then mentioned inconvenience (also with "Ctrl+Z"...), it works fine. Also as multi-track (studio).