Falafel Software showcased ActiveFocus on Telerik's web site. This 
is a great illustration of what ActiveFocus can do and it can do a lot! I was the lead developer for the Windows version of ActiveFocus and I have to say, Falafel has really taken this project to levels I never imagined. It is extremely easy to use and richly functional.
You have to see this video - watch the filtering capability on how the graphs interact with the grid - wow!
One thing Lino (the president of Falafel) discussed was how the skins can be customized for different industries. Therefore, the terminology can be customized to a specific industry. I need to add, that for those engaged in Agile development, it would be easy to rename requirements to stories, events to iterations and so forth. AF also maintains important information like estimated and actual costs and efforts - critical for teams trying to achieve repeatable processes and cost analysis.
You'll hear in Lino's video that the team plans for integration into Microsoft's Team Foundation Server - that's smart!
Falafel software will be showing ActiveFocus at TechEd 2008 in Orlando, Florida in June 2008 and at the PMI Global Congress 2008 in Denver, Colorado in October 2008.
If I sound partial to ActiveFocus, I am. Having conceived the idea, developed its first iteration and then seeing it turn into a state of the art web application by a rock solid team has been exciting to say the least. I am looking forward to using it with my clients and I will be showing how to use ActiveFocus in an Agile (Agile/hybrid) development setting. More to come later. For now, CHECK IT OUT!