Looks very nice. I signed up to evaluate it better since I am using Kapow now.
I think it is a bit too complex though for the simple case scenarios. I had to set projects and clients and tasks and billing and billable hours and so on. I had to visit so many pages just to set up for a test of one client and one project and in the end I couldn't create an invoice with a price on it.
Whilst the project/client/task/person working/billing per hour tuple provides a very nice model, I think in real life it won't be used as much so no need to enforce it.