I've been using PSP for the last six months.
It is time consuming. For my estimations I had to spend 7% of my time filling forms.
It is frustating to have to put the mistake "missing semicolon" over and over again.
But on the other hand as I get used to the process, it became important as I started to see which errors I was mainly doing and I started "naturally" avoiding them.
It also makes you "review" your code so you can see if there's any problem before hitting the compile button.
For tools I recommend using Timetracker: http://0xff.net/
I recommend at least trying PSP for a couple of months, because you will create some habits that help reduce the time you spend compiling and correcting minor bugs.
