Software Best Practices

 We have a small PMO group embedded in a large dev team that builds about 80-100 iterations per quarter, for various apps and services in our portfolio of back end accounting systems. We're struggling with how to schedule the work, and track it, and give the Director visibillity to the status of the work without using a heavy tool like MS Project. We're trying to find a balance between the low-documentation aspect of Agile and the sheer volume of work getting done and the need to know where we're at.

 Advise,please, based on your experience

Hands down, the best product out there for this is Rally. 

Spend 2 hours with their free (10 user) community edition and you will know what Agile Project Managment should be like.  The only issue is the price.  The are asking $39 / user / month for their middle range SaaS offering, and $65 / user / month for their full bells and wistles version.

So for a team of 10 developers you would be spending around $5,000 a year for a product managment tool (assuming the middle range product).

But they have nailed it, and I want it bad!