Total Cost of Ownership means that you're going to need to produce labor transactions from your timesheets, and import non-labor transactions from your financial systems. These will exist as individual records in open tables, rather than BLOBS that require slicing.
In order to do reports or portlets on this data, no slicing required.
Yes, there are a number of out of the box (OTB) portlets that rely on sliced data. The way its been explained (excused?) to me, and what I turn around and tried to tell my customers is "These portlets are meant for real-time management and planning - not for long term historical reporting." (Usually followed by rolling eyes and comments about "Data is data - why can't I get to it?")
Well, one can, just not through timeslices, not through many of the OTB portlets.
Also, look at the new DWH that Jaspersoft is using - should find lots of history there to hit with reports/portlets.
Having said all this, we have extended some of our timeslices back 2 years so that certain types of actuals that do get asked about frequently are available in out of the box portlets. We haven't noticed a performance degradation from this (But maybe only because we did other things that hurt performance far worse!)
Looking forward to hearing from others - this is our experience, maybe it's best practice, too? If not, expect someone will correct me! Our projects often last 2-5 years - we are getting by with this approach, seems to be working. Though, would rather see an end to timeslices.