Holy cow! I can just imagine what some of these talented computer users/musically inclined will be able to with this. This is just the beginning of what lies ahead with all these 1's and 0's. Thanks, Jarrell.
Really, really cool. I can think of lots of neat things that could come from something like this. Besides what's already demonstrated in the video, consider combining this technology with some of the "auto notation" software -- could bring notation of scores to a new level. Conceivably, you could even use this technology with older recordings.
On the flip side, pitch correction is already so prevalent in modern recordings, I could see the same thing happening in the studio with note correction. Producers with an agenda could actually change the substance of an artist's work after it was recorded in ways that could cause serious differences. Lawyers will probably get involved at some point...
Music recorded live will now be like photos and videos -- suspicions of alterations of performances much like we now suspect Photochopping of certain photos.