This tool sounds very similar to Whyline for Java. Whyline is an academic project and you can use it for free. As long as your machine is powerful enough to handle the instrumentation, you will have a very nice experience. My guess is that, as a product, Chronon might have been made with scalability in mind, and so it might not require as hefty of a machine. But I haven't tried it to know for sure. (See also my other answer about Whyline.)
The ad for Chronon does not mention program slicing directly, but it is one of the features Whyline has. The (dynamic backward) slicing allows you to get to the part of the execution you need to see. For example, if you are stepping through and ask "wait, why is that value 5?", Whyline can take you immediately to the line of code from the program's history that gave that variable that value (from which you can then step backward again and again).
Other approaches to backward stepping debuggers work by making forks of the program and then running the program forward from those points in order to simulate the backward step. Both approaches require that it instruments system calls (in the later case, for example, so you don't mess with the file system). I think the recording of the program, with an analysis applied to the history is probably the way you want to go, so you know that the run you are looking at definitely had (or definitely did not have) the fault you are tracking down.
In short: No, I have not used the tool, but the concepts behind it are sound, and highly productive. I believe things like this, recording and playing back program execution history, should come with the IDE.