I pretty much pulled an all nighter launching Task.fm (im in Australia).
So now is probably not the best time to write a post detailing what Task.fm does -i'll do that later. What I will do is point you in the direction of some of the coverage Task.fm has already received, update you on some features etc.
Mashable was first to break the story - although I had mentioned it on FriendFeed first. They did a great writeup and I have been busy responding to comments on the post. I also love the tagline they gave "reminders that think like you do". Wish I had thought of that myself before they did ;)
Another favorite blog of mine Web Worker Daily also did a writeup. One thing im constantly hearing is this is a bit like the now shuttered "I Want Sandy". I never really played around with that app but it looks like it used email as a way to create reminders - this feature is coming soon!