It's really quite incredible what his invention within Melodyne, Direct Note Access (DNA), has done for polyphonic sounds (i.e. guitar/piano chords). It allows the user to take individual notes within that polyphonic sound and "play" with them (pitch/decay/timing, etc...) - see image at end of post.
As Eliot Van Buskirk states in the Wired Listening Post blog piece on this:
While Melodyne enabled anyone to sing in tune, Direct Note Access' effect will likely be far more widespread. Any one of us will technically be able to create a guitar-based song by strumming all of the open strings on a guitar then editing the resulting chord to play whatever we want. Talk about your democratizing technology.
Celemony's Direct Note Access will likely lead to a revolution in how music is made, although purists are likely to scoff at yet another technology that downgrades the importance of virtuosic talent. Others will surely see this as a natural progression in the ongoing musical fusion of human and machine.
Remember to check out that demonstration (very cool)! And may the technological Muse be with you too...