I've had this plug since ever since Version 1.0, but have only been able to get it to work properly after the 3.0 update. And WOW, it sure blew me away!
CPU-usage is minimal (around 10% on my Mac G3/450) and the hanging note problem has been eradicated.
Never having used a real Mellotron, I can't say I know for sure it is an authentic replication. However, the sounds included in the basic package have a nice vintage sound to them. With some extra phasing/chorus fx, you can make some mighty fine vintage-inflected music.
The two extra tape banks are well worth looking into as well.
I have to deduct one point for the interface, since the keys only animate when clicking on them with your mouse, but not when receiving MIDI.