As someone recording myself playing music, I've been meaning to see if any of these tools are good enough yet to not only separate vocals from another instrument (acoustic guitar for example), but do so without any loss of fidelity (or least not a perceivable one).

The reason I'm interested in this is because recording with multiple microphones (one on guitar, one on the vocal), has it's own set of problems with phase relationship and bleed between the microphones, which causes issues when mixing.

Being able to capture a singing guitarist with a single microphone placed in just the right spot, but still being able to process the tracks individually (with EQ, compression, reverb, etc), could be really helpful.