Rajan writes on the OSM list:
Congratulations OSM Community, OSM got accepted as mentoring organization for the third time in 2010. Thanks to Graham for his much appreciated efforts and Ian for his valuable comments/suggestions. Now, this means, that OSM will get student programmers to work on some much needed project implementations, and Google will sponsor them. Few mentioned here -> http://wiki.openstreetmap.org/wiki/GSoC_Project_Ideas_2010 , please feel free to add/edit the same.If you are a student, consider participating the same by submitting your proposal. To begin with, explore Project ideas page, and/or create draft of your proposal here -> http://wiki.openstreetmap.org/wiki/Google_Summer_of_Code/2010/Student_Applications .
