This is seriously cool stuff. The Direct Note Access plugin for Melodyne lets you rip apart chords and reposition them dynamically. The video below is probably a little wind-baggy for those of you who don't produce music for a living, but fast-forward to the 2- and 5-minute marks to see some seriously cool demos.
If only I had any, you know, talent.
I just saw this on Google Reader the other day. I want it so bad, but the plugin will cost $400 and then Melodyne is $700. Ouch. It seems like something the singer in my band would buy, though. I'll have to suggest it to him.
How bad?