Ask HN: Is Project Management SaaS Done to Death?

I once read a post that stated that in addition to Moore's Law and Murphy's Law, there is one additional "law" that applies to technology: At some point, every company has tried to "redo" project management. Their point was, lots of startups have tried to come up with new and innovative ways of handling project management and the things associated with it (deliverables, collaboration, etc.)

Do you think this is true? A group of coworkers and I have come up with a rough mockup and plan for a SaaS product centered around project management. We want to tackle things like distributing deliverables to clients (for companies that are consultants), improved collaboration, trouble ticketing, etc. and have completed a rough outline and architecture of our solution. We also have a pretty decent UI worked out for it as well.

However, after reading that post and giving it some thought, I'm concerned that it may be right. Is it actually worth the time/effort/money involved in implementing it? Or is this an idea that has been tried to often that there are too many players and not enough customers left? I'd really be curious to hear your opinions on whether this is something worth pursuing, or if it is something that has "jumped the shark".