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Our company would like to have a recurring task option as well. 

It should operate in a way that is similar to GOOGLE Calendar in that it can recur "Daily, every week day Mon-Fri with option to select, weekly, monthly, yearly, etc."

If you check out their site the flexibility they offer is very practical for the real world.

I really think that this feature is a must...we have monthly tasks opened till 2011!!

 Monthly tasks are crucial - if nothing else the ability to take a single task with multiple completion points - perhaps the ability to set a single tasks due date for as much as a year out with monthly, weekly or even daily completion points? 

We plan to add this feature to AceProject eventually. In the meantime, as a workaround, recurring tasks can be simulated thanks to the "Move/Copy" feature. A task can actually be copied several times, and dates can be adjusted in accordance with your needs during that process.