While the heirarchical view is really great, it would also be nice to have a "customizable" dashboard that you see when you launch the application (or triggered by hitting a Home button).
Basically, you would be able to have a grid metrics view of critical items (e.g., # of NEW bugs, # of bugs in xxx priority, etc.)
Basically, it could be like a query, but just show numbers/counts and you could click on the count to drill down to the list view (like in a query).
Just a thought.