I find it indispensable. However, I can't remember the last time I used it on a lead vocal line?... I use it on backup vocals to create better (more interesting?) harmonies. But I also use it on metal guitar solos. When you play an almost perfect take but there is just one or two flubbed or overly dim notes? Fixing it in a snap, without having to attempt to punch-in during a finger pretzeling note blitz, is a guuuuuurdsend!
But my main use for Melodyne has always been sound design! With the Editor version's polyphonic capabilities, it is a playground for sound mangling! How quickly you can slice, shrink, extend, morph and change bits n' pieces, is the programs true strong suit! Which is pretty amazing considering what it was originally intended for?
I just purchase the upgrade to Studio and after looking at the videos, I'm not afraid to admit that I needed a wipe down...