I found Melodyne Editor to be excellent (I've had various versions of Melodyne before it started shipping in Sonar so I just needed to download the latest Melodyne varsion).
I recorded a friend's guitar part but there was one chord that had one note that was muted too soon accidentally. Opened it in Melodyne and it automatically detected all notes using its polyphony detection algorithm. It was trivial to adjust the length of different notes within the chord with excellent results. He is a pretty old-school guitar player and would have noticed artifacts but said that if he didn't see me do it he would not have known that anything was changed.
So for me at least the Editor version was worth it.
EDIT: I'm glad Melodyne is well integrated into Sonar now. That was one thing I didn't like about the way it used to work. It used to be clunky but ARA made it seamless. Only thing I would change is to have more controll over vibratos and freehand pitch drawing like in V-Vocal.