My friend Scott is so excited about a new German development in recording and engineering software called Melodyne v2. He refers to it as the beautiful death of music.
I'm not a purist when it comes to these things, so I'm intrigued. I've seen a lot of approaches from different engineers, and they've all been great learning experiences. I once recorded an entire album without the use of pitch-correction, and I've recorded others using it sparingly. For another record, the producer required me to nail each entire song top-to-bottom without punching in. It was frustrating and exhausting, but I came away knowing I could sing that album note-for-note. Sure, it would be great to be able to do that every time, but when the day is done... I'm glad that equipment like this exists, because it allows me to record an album in a month, instead of spending six months tearing up my vocal chords.
I will say, though, that when certain artists (who shall remain nameless but who can probably be found by Googling) start having their entire tours sponsored by Antares Auto-Tune, we've gone overboard.