Project Notifications: Am I missing something?

According to the release notes, the Project Notifications feature is an enhancement over the traditional alerts feature because:

[INDENT]the criteria, recipients, and email body can be configured...[/INDENT]

On the surface I suppose the new feature is slightly more configurable.  Unfortunately, the configuration options seem be extremely limited.

What I really hoped this feature would allow me to create is a notification to the project owner and the project owner's manager when the worked hours exceeds 75% of the budget hours (or revenue versus budget money).  Now, before you respond with something about the traditional alert feature allowing for that, please consider that there is no recipient option for "project owner's manager" so I can't create one dynamic rule.  Instead, I would have to either create one rule for every combination of project owner and manager (200 rules in this example - not going to happen) or one