I updated Melodyne to the full version after playing with it for a while, so I know both.
When I want to try to pick a guitar part out of a CD, I will definitely turn to Melodyne and use features from the Editor version.
That said, I don't expect I'll do much of that. I did play with trying to do pitch adjusting on a vocal where there was tons of bleed between the microphones. I ended up not doing it. The bleed and my skill with Melodyne made it so I didn't like the end result. That said, I've never been able to adjust vocal pitch when recorded in a performance setting without random artifacts.
If you have a vocal track recorded with isolation it would be really helpful (Essential Version which comes with Sonar would do the trick). The Essential version that comes with Sonar has the features I'd be most likely to use on a recording I cared about. The multi tone thing is more of a toy for me at this stage.
I think Melodyne is actually a pretty great perk to throw us while expanding Sonar to handle a new type of plugin. So they are positioning themselves for the future plugins and giving us something pretty great to get us to fund this new development.
This is an example of Melodyne trying to pick out all the notes in a stereo recording...
I just got some new Zeta2 stuff so I made this goofy recording of How High the Moon...
http://stabilitynetwork.blob.core.windows.net/g-tunes/20131108_HowHighTheMoon.wav.mp3 Then, I bounced it down...
Now the midi looks like this...
And this is what Melodyne Editor Created on the bounced track...
You can see you could easily pick out the key, but it wouldn't be so simple to translate this back to the original midi.