Audio Quantize/Tempo Correction Question

I’m one of those sad US users waiting for Cubase 6 to make us to our shore.

I’m trying to understand the various new time detection/audio quantize options available. Could someone help me understand what options are available?

It seems that there are two options:

    1. You an analyze the tempo of an audio clip and automatically create a tempo track so that your project matches the clip’s tempo.
  1. You can detect the beat of drum tracks via transients and then split the file up into beats and quantize them, then crossfade them back together.

Do I have that right?