Key and Tempo

While a song is playing you can press ⌘ - [ or ⌘ - ] to lower or raise the pitch, respectively. Or press ⌘ - \ to re-set it to the original pitch. This does not affect the tempo.

Also, you can press ⌘ - [ or ⌘ - ] to slow down or speed up the tempo, respectively. Or, press ⌘ - \ to reset it to the original tempo. This does not affect the pitch.

These items are also available under the Controls menu.

You can try to use the Apple TimePitch for pitch bending, in the audio prefs, but i've heard that people crash with that, or get silence on tracks they've burnt that had pitch bending.

Pro version only

If the song belongs to a singer, then that setting will be remembered permanently. You can also set the pitch via the popup menu listed with the song itself.