One factor is administration - will I have to hire someone new to keep it running and make sure it has the functionality we need? How much of this person's time will be dedicated to the tool?
This does not weed out a large number of "project" management tools, although there are a couple. Regardless, it is good to understand the level of maintenance the software will require - at some point, one of your PMs may have to commit a percentage of their time to tool maintenance. The question becomes more relevant when looking into PPM tools. Saving Changes...