v1 was good.
v2 is...I can only assume some form of devilish witchcraft!

Real-time, polyphonic conversion of guitar to MIDI in software. Including pitch bend and slide information. I cannot even detect any latency; I feel more latency when playing the TD30 as a MIDI controller.
This is quite simply the best piece of music software I've ever tried. It's available as a free trial. Stand-alone or VST 2.4 plugin variants, 32-bit and 64-bit flavours. It's even better than any hardware guitar->MIDI solution out there. I've been waiting for the v8 beta to come along before saying anything about it, as this is the first v2 release which includes the plugins.
I can't put into words how mind-boggling awesome this software is (<- apart from like that).