Everyone sees it here as a studio tool, but it would actually be a cool system to jam along all your favourite tunes in all those different tunings. How many times did I think when I was learning guitar "I wish it wasn't a pain to tune down to C again to play that Arch Enemy song with the backing track, while 5mn ago I wanted to tune to standard E and play master of puppets" or whatever ! I know it depends on people but I'm one of those who are able to get over a shitty tone just to have fun, even if I take way more pleasure plugged into a real head kranked over 4 or 5 in a rehearsal room.
About the correction itself, hope it works great cause even melodyne who works great sucks life from a take when you set it p to a high correction %. Over 90, or even 80/85%, you clearly hear a loss of definition , as if you're coming from wav to mp3, or from RME to line6 converters. And I'm not talking about changing pitch by 3 tones but just correcting for instance my bass which is a cheap ltd not perfectly set up for its low tuning and which gets a bit off tune in the higher frets.
I don't use autotune so I don't know how the algorithms compare, nor if it's the same algorithm exactly as autotune itself, but it would surely be a godsend like crille said if such a system was working correctly with little loss, and adaptable to any guitar in the future. If it is, I want one on any of mine !