I totally forgot, I meant to post this last week.  I know many of us have been trying to figure out exactly what Pitch Correction did.  We had heard from this person or that person that it does this or that. 
 
So last  week we were playing some RB3 on Thanksgiving.  I was forced to do vox on some songs that I either totally don't know or are in a bad range for me.  I can't remember which now, but I remember trying to get through one of those, I was still in the first phrase or two, and I watch the entire vocal track seem to jump a key, or even a couple keys. 
 
Example... say the main vocals part of the song is supposed to be sung in A minor, but somehow I'm singing in E minor.  The entire vocal track would jump and adjust to me singing in E minor.  It was actually trippy, and so I totally messed with it during one of the songs.  But I can now say I've seen it happen.

I know very little about vocals (read: am bad at the singing), but I remember hearing something about new vocal tracks being "corrected" so that they stayed in key with the song (even when the original vocalist did not) for easier karaoke-ing? Meant to look this up!

Basically yes, that's exactly what's happening, the track "jumps" to the new key that you're singing in - and it's not just the track on the TV that you see, but even the singer on the vocal track will end up "jumping" keys.

If you sing it in the wrong key, doesn't it sound awful when played next to the rest of the track?

so the pitch correction tells you which key to sing in? or does it auto-tune your voice to that key?