While it's a bit of a miracle what can be done with the polyphonic stuff, it's tricky to use.

However don't expect Celemony's slick video on chord manipulation (if you're using Editor or Studio) to go quite as smoothly as they portray. The theory is that certain parts of a note that are technically 'off pitch' do not need correction and are not perceived as a problem by the listener, but rather an essential part of the performance. What I also like is the new algorithm that no longer relies on the average pitch of a note, but instead operates on the 'sweet spot' or the 'best pitched' section of the note. It will probably allow less reliance on a vocal follower. The leveling macro looks good too and I can see it being useful. Those were the two main reasons why I upgraded. The sibilant handling is great and the dynamic fade capability (which was a long time coming, and one of Melodyne's big shortcomings)) is very welcome. Celemony says Melodyne 5 is backward-compatible and it does seem to be.

And yes, my Melodyne 4 was completely removed with the upgrade. The upgrade cost $149 AM and went flawlessly. I upgraded to Melodyne 5 yesterday (from Melodyne 4 Studio).

Melodyne bandlab