I just downloaded and installed my $149 upgrade to Melodyne Editor.  No problems with the install and am going to be using it this weekend (outside of the NFL championship ballgames)
 
 

Enjoy, it's amazing!

I notice that many people go through a few phases on this board regarding Melodyne. First, they don't really know what it is and if they need it. Then, after hearing much praise about here (or elsewhere), they start believing it's some kind of miracle tool that will turn any audio into midi and allowing easy reharmonization of any part. Then, after using it for a while, getting stumped by the learning curve and realizing that it does not, in fact, work the promised miracles very universally or easily, they're disappointed.

I hope, but it's not always directly apparent from the posts on here, that they all end up feeling (like I do) that it is not a swiss army knife but a scalpel, and an essential tool in a professional recording/production environment. Getting a separate full license for it at such a cheap price is great and will be useful for many years to come.

I think it's a miracle tool, but I suppose a lot depends on exactly what miracle you were expecting. For transparently fixing flaws in a generally good vocal performance, it's without peer. I also think it's great for slightly more heavy handed treatment of backing vocals and massed harmonies. And you can do extremely interesting things with harmonically rich polyphonic sources like brass sections and acoustic guitars.
 
What it can't do, is turn a bad vocal into a good one. But I doubt that will ever exist in a truly convincing way.

John is right, finally I have a tool to match a lead guitarists ego. Praise the Lod it turns wining into water...!

Hahahaha

There are some great tutorials on the Celemony website showing different creative used for Melodyne, well worth spending the time watching them to get your head around the program.

Sanderxpander
I notice that many people go through a few phases on this board regarding Melodyne. First, they don't really know what it is and if they need it. Then, after hearing much praise about here (or elsewhere), they start believing it's some kind of miracle tool that will turn any audio into midi and allowing easy reharmonization of any part. Then, after using it for a while, getting stumped by the learning curve and realizing that it does not, in fact, work the promised miracles very universally or easily, they're disappointed.

I hope, but it's not always directly apparent from the posts on here, that they all end up feeling (like I do) that it is not a swiss army knife but a scalpel, and an essential tool in a professional recording/production environment. Getting a separate full license for it at such a cheap price is great and will be useful for many years to come.

Thanks to Sanderxpander for a great response and to all the other replies. 
I have been using a trial version of Editor for a few weeks for one process only....to fix old reel to reel recordings done live in Seattle in the 70s and 80s.  I consider this a pinpoint usage of the software, or a scalpel if you please.  And at works very well. This alone make the upgrade a no brainer for me.

 I had an old project created with Sonar 3 and Gigastudio. I stored all of the files on a disc.  Unfortunately I can't locate all of the midi files so now I can take them and bounce them back to midi.  

... As a "scalpel", its evolved pretty well (I'm about to use it scalpel this mornings' vocs).
 
Today's 'painterly' music requires it for:  Pitch, timing, and 'some' loudness parameters ... my latest usages.
 
I've suffered minor 'visual timing' issues (another thread elaborated on) with region FX and Editor ... but todays' a new day.
 
Last night I saw redbox "despicable 2" where a (Friday night) dance song sounded pretty 'cool' with the 'cher' vocs, IMHO.  But, +1 per Sander and John, above.