I submitted a similar idea as a last second YC application. Basic points of differentiation were that it would be fully extensible (add/remove any input fields

I submitted a similar idea as a last second YC application. Basic points of differentiation were that it would be fully extensible (add/remove any input fields), and that it would have a killer API. The API would allow you to submit issues from anywhere you please: you could write a plugin for Eclipse (or favorite IDE) or you could widgetize it into a js include file so people could submit issues directly from your web page (think beta testers).