pros:
VeriTime is a great little program doing very well exactely what it's supposed to do: Tracing the time spent on specific tasks of various projects.
Generally I find VeriTime sufficiently flexible and easy to use. Different Projects can be billed different hourly rates; data backup exists.
The author has been active in correcting bugs, making new versions and responded quickly to all my questions/suggestions.

cons:
The report options are not very fancy, but satisfy the main issues and a tool for exporting as spreadsheet (for Excel,...) exists, too.
Compared to sphisticated and expensive business applications VeriTime remains a simple tool.
summary
In overall, this program gives a very good performance compared to the price for a full license.