that depends on what kind of project you're trying to manage and how you plan on managing it

multiple projects, phases, timelines, subtasks, categories - etc.. construction and consulting projects

I've yet to find a free hosted PM tool that is decent

the best you can do is find an open source one and host it yourself

at least that's my experience

I'm seeing that.. there are a few of them out there but they are each a little different. Don't want to commit on one and not be happy later