There is no equal in pitch correction, period.
I tried Waves Tune and was thoroughly disappointed in the artifacts that appear in the audio, and the amount of latency that program introduces makes it practically unusable. I wish I could get my $200.00 back for that software suite but alas software is non-returnable.
For less than half the price, this blows Waves Tune straight out of the water. At the proper settings there is no noticeable latency, and the program is so simple that you can dive right in and start making those vocal takes shine right after the download is done. (Or other monophonic instruments like bass guitar, horns, woodwinds, or synths!)
I have used Melodyne in other studios for over 10 years and I trust Melodyne in my home studio to give any vocalist I record the production value they expect from an engineer. Should I decide to upgrade, I simply have to pay the difference (no price gouging, thanks Sweetwater + Melodyne!).
I'd give this program more stars if I could. Before you jump at the more expensive options, try this first.