I just want to second this...
I recently got the iPhone 4 and according moved to iPhone OS 4. Since then, I've had several issues, one of which is mentioned above. A little more detail:
For me, the problem seems to be related to enabling multiple timers for Time Tracker. Whenever I do so, all of my old timers act as though they were never stopped, so my week-old tasks are all at 7 days, X hours, N minutes, with more recent tasks showing 6 days, 5 days, etc. I'm still trying to verify whether this will happen with tasks created after turning on multiple timers.
I've lost a couple of weeks of time data because of this, but I love how lightweight the app's interface is, along with its ability to sort projects on three tiers of category. I'd much rather see a fixed version than switch apps... Please help!
P.S. I'm starting another thread for my other major issue, since it seems unrelated.