Gary,
Yes this can all be done with Clarizen. You can do more than just track Projects. Projects themselves are broken down into Milestones and within Milestones are Tasks and even Sub-Tasks. Resources are assigned to the Tasks and can easily add time/effort to the tasks either through the web-based application or through a special email form called Progress Update Report (no need to log onto Clarizen). The application also offers Timesheet Submittal and Approvals if required.
For information about what the Resources are doing, we have graphical views and reports that can be seen as well as the Resource Load. Resource Load gives you a clear picture of your Resources which includes which Projects/Tasks they are assigned to as well as hours they are allocated by day, week or month. It can be viewed in two ways... Planned Work (Work that was planned for work items) or Remaining Effort (Remaining work/effort) required by resources. All of what you are mentioning can be done. If you would like to learn more, I highly suggest going to success.clarizen.com and taking a look at our many articles and tutorials if you have not already. Also, you can join our Live Demos and Webinars for free to get a lot of great information...
http://www.clarizen.com/live-demo.html#second
Sincerely,
Boris Krutiy - Clarizen Success