Pitch correction should be applied but externally using proper software. I have a slight gripe with the slow down or speed up that is being commonly used to go from 25 to 24 or 23.976 to 25. I sat through a restripe of a doco recently with the director, having sped up the final mix 4.1% to match the 23.976 to 25 speed up for the BBC version.
The director was horrified at what a mere 4% did to the pace of his edit in spite of the fact that the pitch was corrected. It changed the feel of the show and we were both amazed at how subtle timings of pauses after important dialog became shortened by the speed up. Perhaps we were the only ones to really notice the difference, but if that had been combined with all the music being 3/4 of a semi tone sharp and the female narrators voice becoming higher pitched, I think the audience would have found the program uncomfortable.
I know it is a typical thing that what looks best wins over sound, but I do not like this approach to standards conversion, even though I have MPEX3 software which does an amazing job of speed change with correct pitch.