We do allow you to import transactions from your bank and credit card accounts - provided they are in Quicken or Microsoft Money format. Integrating directly with banks is on the cards as well.
One of our goals (besides tracking shared expenses) is to be able to better reason about cash transactions. Our experience as students indicated we spent close to 30% of our income(!) on coke and coffee combined. To capture all these little transactions, we allow reporting expenses via text-messages. (More ways coming soon!) Ultimately the goal is to understand *all* your expenses completely at a central location.