Yes, it is essentially an autotune like thingy - although I believe it is closer to melodyne.
I tried to learn how to use autotune correctly several times. In auto mode, I could get it to do mild correction OK, but I never figured out how to use the manual mode. Variaudio literally took about 3 minutes to fix an entire song, plus be ably to EASILY see where the pitch was at, and be able to move it manually if necessary. Like I said above, that one feature was worth the upgrade price. The routing benefits were just a bonus.