I just upgraded to Editor 2.1.2 and have toyed with it the last 5-6 hours.  (I've used Editor 1.0 since its inception).
 
Other Pros:
1) They (finally) got this version RIGHT, it seems pretty bulletproof with my conservative use.  (2 instances at a time)
2) You double click a blob (or 10) with the 'time-tool' and it snaps appropriately to the vertical timeline measures.
3) The new attack tool and 'note-stretcher' thingy helps my power vocals and timid vocals 'find-their-perfect-intonation' or such.
4) I'm pretty sensitive to vocal nuances so this particular software is God-send for me.
5) I upgraded to X3 hoping for the region-Fx excellence: THAT alone makes m. Editor worth the $$$.  
6) I have not been able to crash Sonar with this ME version.
7) Melodyne Essentials is complete junk in comparison to Editor, even for a single melody.
8) Utmost thanks to the Sonar programmers who incorporated Region-fx for m. Editor!!!
 
Cons:
1) It will not create your music
2) Good vocals and guitars require great inspiration, patience, and love (for me)
3) Melodyne will not turn a timid vocal into a power vocal ... even with its awesome 'attack' tool.
4) Melodyne takes a lot of practice patience and concentration ... which is disturbing to some.

I disagree that essentials is complete junk! No way!!! :)

"Melodyne takes a lot of practice patience and concentration ... which is disturbing to some."

LOL!

Upgrading to Melodyne editor opens up a world of possibilities. In poly mode:
 
1. Reached in and changed a single note in a piano chord and guitar chord.
2. Took a recording of birds chirping, identified the individual notes in their song, made a scale, and then used that to create a melody.
3. Forgot what chords I was playing in an old song. No problem, pulled the rhythm track into Melodine, and read off the notes.
 
You don't need melodine editor for this (can use essentials)
 
- reach in and play with a melody line - be it electric guitar, vocal or whatever.  You may have to rerecord the final if the changes are extreme, but you can quickly demo how something is going to sound with an altered melody.
 
Melodyne Editor specifically is an essential tool for me - from a "fix it" standpoint, and just as importantly, from a creative standpoint.
 

FCCfirstclassBTW Vastman, I received an email last week from Melodyne with an offer to upgrade to Editor for half price, $149, and the offer is good until Jan 31st.

Actually, that's what prompted me to start this thread. I got the same email offer and wanted more information so I could react to it from a logical standpoint instead of just rushing off to buy which is what I often do. I've gotten into trouble with my wife over that so many times, I wanted to be sure I would actually use Editor.
 
Funny thing is, I talked my wife into allowing me to buy it before I did the assessment and concluded that, for my situation, I simply don't need it.
 
What I'd like to get my hands on some day is something like R-Mix. I have some tapes bands I played in during the 1970s and '80s, originally recorded on my trusty old Akai reel-to-reel two-track, and it would be fun to have them cleaned up, fix some of the awful mistakes, and like that. Trouble is, R-Mix (from what I've read) works better on stereo source material and those tapes are all mono.
 
But there must be some way to do it. If there wasn't, the Beatles Live at the Hollywood Bowl album wouldn't exist. And for my bands' tapes, I wouldn't have to somehow filter out 40,000 screaming teenagers.