I did a month trial of Melodyne Editor, and it is phenomenal.  
 
Please note that the audio to midi conversion is intended for a single instrument on a track, so while it will try to extract notes from a track that contains multiple instruments, it will not produce particularly usable results.  I do not mention this as any dig at Editor - just keeping expectations of its capabilities in check.  It DOES do a fantastic job of converting single instrument tracks, depending on the note density, the quality of the playing, and the clarity of the notes.
 
I did not have the funds to pick up the upgrade in the allotted window of time for the offer, but WILL be picking it up as soon as possible, even though it will cost me an additional $150.  THAT's how good I found it to be, for me.
 
Bob Bone
 

I found its inability to safe protracted edits, profoundly disturbing.  I tried the vocal thickening technique described in the Cakewalk blog but was forced to bounce to track to get the edits to change.

The Groove3 "no brainer sale" which was supposed to end yesterday is still active for today it looks like. You can still get the Melodyne tutorial for $5 as of today. It's like 3 or more hours of really helpful traing from Eli on how to use Melodyne.

I think if you can swing it for the Melodyne Editor upgrade price you'll be really glad you went for it. But even if you're on the timer and on the fence thinking about it, I'd highly recommend the Melodyne tutorial from Groove3 and getting it today before the price goes back up. The tutorial really helps to get you going on it.

I bought Editor several months ago retail....I think it was $289.  It's a VERY useful tool and I don't regret the purchase, even with the upgrade to X3 including Essential.
 
I still got AD and the Nomad plugs free with the upgrade...so even though I already had Melodyne I feel like I got a good deal with the X3 upgrade.
 
IMHO...if you don't think you would ever need the polyphony capability...then you would probably be satisfied with Essential.  But for me, the polyphony editing was worth the price.  Being able to edit a single note in a guitar chord is amazing (which I was able to do for a client).  He was absolutely impressed that I could change a major chord to a minor chord within a minute and save him from having to re-record the part.

Melodyne Editor is an amazing product. I believe the upgrade price is $149 which is a steal. 

Yeah, it's brilliant. So easy to use. I did the upgrade, fixed a flubbed chord on a recording, and got on with what I was doing within a couple of minutes. It was only about an hour later it struck me how rarely things are that easy.

Totally worth it!   +1000

what about Autotune 7 64bit? Melodyne editor sounds really cool. Too bad you have to rush to buy it at discounted price. I have just upgraded to SonarX3 pro.... so money is an issue now.

I ended up taking the Editor upgrade deal. It's a great piece of software. Amazing, really. Not sure how often I'll actually NEED the polyphonic mode but, it's there, if I do. Right now I'm figuring out the best ways to use it, in general.
I must say, it seems so much more intuitive and effective than V-Vocal ever did!

Melodyne Editor is a great piece of software. With the ARA integration it is truly awesome. I you were me you would get it...immediately
 
Regards,