Masterplan for iPhone lets you assign tasks to projects, plan finish dates, jot down notes, estimate effort and see progress of a project at all times. Milestones can also be created with email notifications. Dashboards allow you to see snapshots of every project at any given time. With real time reporting pinpoint what tasks are overdue, how many tasks are remaining, how much is the project costing and how long will the project take to finish.

Note: This is a paid webapp but it comes with a 14 day trial after registration. Try with TestiPhone