I stumbled upon this web-based tracking tool. It's called
Less Time Spent . It's free and has a very clean and nice design.
Basically, you can add different projects, add notes (there's a small notepad-like box on the left where you can enter whatever it is you're doing and then click on the button Update Timer without Stopping), invite members to the project so you can see what their timesheet and also generate reports.
So far, I like this better than MyHours as the user interface is very intuitive.
Anyway, let me know your thoughts. I just tried it today.