The app lets you create, send and track Invoices & Estimates and does really simplify the invoice creation process.
For e.g. in order to create an invoice, you need to add customer name, define terms, late fee/tax details etc and one can even create recurring invoices.
Zoho Invoice also supports multiple currencies and will soon be integrated with Zoho CRM and Apps.
The free version lets you create 5 invoices a month, and there are 4 levels of pricing [more]
No doubt, Zoho is getting closer to SOHOs/Small Businesses with applications that are a perfect fit for these companies.