I really understand the problem you are tackling : you haven't found a BugTracking system that works for your company. Especially because you are in the web development field so you know exactly what you want.

But I think that the problem is not that "Some are great but expensive, others haven't changed in years, most are too complex and are re-hashes of the same product." The problem is that they have not been built for you.

This is why there are so many bug tracking, to-do list and project management solutions. Savvy people aren't satisfied with what they found because it does not fit 100% with their ideal solution so they want a custom one. So they say: "Hey look what I've build! It's so much better than the others". It's true for you and maybe for some other people but it's not true in general. It's just that everyone wants a custom bugtracking, to-do list or project management app.