UPDATE: I'm going to hold off on writing my promised review. Several of the announced features on the website (text reports, invoicing, exporting) seem to be missing or broken.
I e-mailed their support address some days ago to say I was in the process of writing a review and asked several questions about their product. I have not received any response so far.
So rather than write a detailed negative review (such reviews are largely useless anyway) I'll just say that as far as I can see, it's not ready for prime time in its present form. Announced features are missing, and what is there is a very basic data collection web tool that's too simplistic for anything but the most basic time logging tasks.
You could do as much (and more) with a GoogleDocs spreadsheet. Or a quick & dirty little database project implemented in something like MS Access.
(Note: Time tracking is a simple task. Its so simple, in fact, that it's usually used as a teaching project in most relational database tutorials Virtually anyone could write their own app to do it using a "desktop database" in just a few hours at most. There's only three tuples: Clients, Projects, and Tasks. After that it's just a little elapsed time mathematics, some reports and data entry forms, and as many bells &whistles as you have the desire to code.)
I'll give them a month or two to get it together and then check back. Hopefully there will be something worth reviewing at that point.