All loops can be transposed in the timeline, double click an active loop on the arrange (or click the scissors icon with a clip hilited) and the waveform appears at the bottom, you can transpose the selected loop by an octave either way.
This isn't really a key change, if the loops are in a major key to begin with, thats where they'll stay, but it does add some flexibility to the arrangement, as you can apply different transpositions to different versions of the same loop in the same track.
GB is a toy to a certain extent, but the software running underneath is pure Emagic, you have multiple ESX24 engines each with its own dynamic time and pitch machine, this is mighty powerful stuff, especially for a rev 1 app. I've seen kids do some very impressive tracks with GB after only a few hours tuition, and in the hands of someone who can really play, it becomes very sophisticated.
As a feeder app for Logic or ProTools it's amazing, I've used it for rhythm sections on several projects, bounced to ProTools and completed with real musicians, the quality of the loops is high ehough to work in pro context mixes.
Anyway, for £25 whose arguing, is Psychosoft had made GB it'd cost £200 and everyone would be raving about it.