Full Melodyne can do everything V-Vocal can do, and then some. It's especially adept at drawing in pitch transitions, something you have to do with great care in V-V in order to avoid artifacts but is transparent in Melodyne. Even drastic changes. Melodyne's paradigm is different and not as immediately intuitive as V-V, but once you get going it's quite fast to work with.
That said, I have to admit that I still use V-V more often than Melodyne, reserving the latter for only the most critical parts. V-V is just so darn convenient.
Of course, the secret to pitch correction is a) get it right into the microphone at the start, and b) don't sweat the small stuff. I actually use zero pitch-correction on most tunes these days, or only a couple tweaks here and there. The trick is to not look at those little lines. They make you think that edits are necessary, whether they really are or not.