QuickBase

Overall I have to give QuickBase a thumbs up! I've been using it on various projects for about 4 months now and it's provided the stability and flexibility needed to manage multiple clients and multiple processes. Developed in Ruby on Rails (as far as I know) and web based might cause some caution - but in many categories it overpowers MS Project. Quickbase is basically an application framework, with many base application templates - project management being one of them (there are various versions of it). You can establish you PM application anyway you want - adding/removing tables and fields as needed. The PM Application I currently have has the following structure:
Project - the overall project view (you can has as many active as you want)
Project Definition - what the project is about
Deliverables - what is being delivered
Tasks - the basics
Risks - the rivers you have to cross
Change Requests - what are they and what are the impacts
Issues - we all have them
Documents - those pesky things that are needed

You can setup/establish whatever project, task, risk, change request and issue life cycle you would like and add what ever fields you think appropriate. MAKE SURE you know what you want prior to adding - don't get caught in adding fields, etc. without having a good road map.

VERY POSITIVES:

• Easy to use
• Very customizable
• Many levels of email notification
• Web 2.0'ish (supports high group interactions)

Positives:

• Security/User Roles
• Base project templates to work from
• Good (not great) support

Negatives:

• MS Project interface - unless you positively have to - DO NOT IMPORT MS PROJECTS (they say they support them, but untangling what gets imported is more work then re-entering)
• Time lines (Gantt Charts) a bit weak
• Task Grouping - not native (no indenting like MS Project) - I created a Task Area and then Tasks to provide a sub task layer......could be much improved upon

I'll provide an update in a few months.....I realize there are many products out there like this, reviewing a few (demos) - I think QuickBase is overall the best for my needs.