That's the old Melodyne... the new one called Editor works on polyphonic material, so you can do insane things like change a chorus from major to minor, or repitch/move/delete individual notes from songs... see the video here for an idea of what it does:
http://mixonline.com/video/mixtv/melodyne_celemony_dna/
There will soon be beta for this, which will be available soon to owners of the full version.