Genius Inside just released a fully-featured SaaS version of their project management software.

And by fully featured, I mean more than just advanced task tracking–like 37 Signals’ Basecamp product. Genius Project includes Gantt charts, project portfolio analysis, and tracking contractor progress in both relative and absolute terms.

I just watched a demo here at Lotusphere, and was impressed by the customization possibilities. The demo guys completely changed the project requirements–using only the browser menus–in about 15 minutes.

Their website emphasizes the Notes/Domino integration, but the new SaaS version is completely stand alone.

SaaS models are known for fast deployment, and Genius Project is no exception. Several recent installations were small teams within large companies who weren’t willing to wait for the IT department.

They also offer on-premise versions for operating behind a firewall, exporting to Microsoft Project, and a new Blackberry plugin.

For a small web-startup, the software is completely overbuilt. But for medium-large enterprise–or project management teams within large enterprise–this might be a cheaper and more flexible option than thick-client stalwarts like Microsoft Project.