A cool idea I would like to have is the ability to record an instrument into Band in a Box and have it figure out what chord I am playing or the closes chord. I figure this may be more suited to guitarists and strummed instruments, but I think it could work with any instrument that is capable of producing chords. This would not be the same as the audio chord wizard as you would be receiving chords in real time.

Let me know what you think.

It’s a good wish, but as yet I think it’s unworkable. Recognizing what chord is being played, when there are often many alternatives, depends on context (the melody and the preceding and following chords).

But this is the Wishlist, and one can dream.

To reinforce what Matt said, it depends also on the style you want for your song : you don't harmonize a samba song like a jazz ballad.
But sure, in this forum we can dream, so let's take advantage of it.