Proposed projects
The following is a list of projects that the Drupal mentors and members of the community have proposed. These projects all fill a perceived need in the Drupal landscape, and were all created with the intention of being challenging yet reasonable for a smart student in a summer's time.
IMPORTANT: These are just suggestions! Your creativity in thinking up different projects or variations of the ones listed is not only welcome, but highly valued.
If you have questions about any of the proposed projects, please ask them in the comments for the project. You need a Drupal account to do this.
Please keep in mind that these are not the only possible projects. If you have your own idea for a project that you would like to pursue, by all means share it with us in your SoC application.
It is best to contact one of the Drupal/SoC organizers, mentors, or members of the Drupal community to see if your project makes sense for Drupal. There are over 300 contributed modules and your chances of getting selected will be small if you propose to duplicate an existing module's functionality without good reason.

Subscriptions?
What about re-adopting the subscriptions module for core, from the SoC 2005 project?
http://drupal.org/node/24148
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http://dave.notik.com
Sure
Students are free to propose whatever projects they're interested in. The list here is merely to provide inspiration. If a student writes a proposal focused on extending, refining or improving one of the subscription(s) modules, that'd be great.
- Robert Douglass
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My Drupal book: Building Online Communities with Drupal, phpBB and WordPress
users website
Anybody followed up on this last comment ( http://drupal.org/node/58799#comment-111629 ) to create a module like pages.google.com (or some opensource option) and for example integrate this personal page in the user profile?
no:(
I guess we are late now... the applications submission closed now.