As far as I know, it's much the same as on the Tyros4 and S950.
One thing I'm glad they fixed on Tyros4, and S950 (and quite likely it's repaired on Tyros5) was that annoying hiccup when you added the harmony while singing a note.
For the limited amount of harmony work I use it for (as when I have a guest singer) it works pretty good, but I'm also careful not to use it too much, as, with any harmonizer, too much is usually WAY too much.
I like using it as a Vocoder, which it does magnificently well, especially on certain sounds.
I believe that those who are really fussy will still use outboard harmonizer units, but for basic usage, I think the VH-2 is quite serviceable.
Ian
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Yamaha Tyros4, Yamaha MS-60S Powered Monitors(2), Yamaha CS-01, Yamaha TQ-5, Yamaha PSR-S775.