A great idea, and definitely one to watch, as nailer says. Hopefully we can learn a lot from the attempt. I think this is something only the hard core of developers will use, since it's built for Linux.
If the project is critically important, then you'll probably end up working on it all the time, so scheduling would only serve to help you make sure you're doing the most important things first. In this mode it's all hacking, you're just putting tasks in order.
Otherwise, scheduling is a very good idea for different reasons. If it's a personal project, which means there's no one else to goad you into working on it, then it's especially important to use scheduling to help you keep working. Remember what PG says about personal projects: Always produce. Do something everyday.
I love Washington City Paper. It's full or grumps and cranks who are not at all impressed with DC. It's free, so if you're in DC, pick it up. The lead stories are often harrowing. Their article on the "college town" where I live was damning.
This is not, however, a paper that is going to break much important news for startups.