Project Mgmt Software suggestion

Hello-
Apologies in advance if this is the wrong forum for this question.
I'm wondering if anyone might be able to suggest a good, reasonably priced project management software that is compatible with OS 10.4.
Some quick background details:
I am an educator who manages several academic projects and would like to have something that would allow me to enter information such as
1. Project name/title
2. Project notes (e.g., status, last items worked on and so forth)
3. Track Time spent on project (e.g., 2 hours today, 3 hours yesterday)
4. Calculate total time spent on project
Thanks.

There are several really cool online applications at 37 Signals.
The have free versions, free trials, and educational discounts.
I pay them $5 a month for the backpack product and I'm very happy with it.

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