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I would say their functionality is also out there with the beast that is Basecamp.
Remember though, Basecamp is run by a philosophy of "simple is better." So feature for feature, its not that hard to beat Basecamp. But for sheer interface, stability, and really well thought through features, Basecamp cannot be beat.
Josh
With Basecamp, however, time entering is a feature, and a nice one, but not the central feature.
So, if project management is your bag, then choose Basecamp hands down. If time management is more your thing, Intervals will deliver over and above what Basecamp can, though be prepared to double enter some information to get your invoicing to your clients.
Personnally, I tend to prefer, for security and confidentiality reasons, non-hosted solutions, that you can upload on your own server, such as activecollab for instance : http://www.activecollab.com/
A nice free hosted solutions, with a bit less features, is GoPlan : http://goplan.org/