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My current solution, which is not as lightweight as what you describe, is to use Spootnik to sync with Basecamp, and then I use TimeThis (and there are many tools that do it) to capture time and sync it to basecamp.

I agree that the sine qua non of a useful OF time tracking system is that it autopopulates with the OF project and task. There's just no sense writing that stuff down twice. It's made my timekeeping (I'm a lawyer) vastly better.

But something simpler, as you describe, ought not to be that hard.