Like every year this years mentoring organizations for Google Summer of Code 2011 has been announced and OpenStreetMap is in this years list as well.
Now as a lot of cheap phones has the capability to click pictures in high resolution,make GPS traces,shoot videos and have a internet connection via WIFI/GPRS or mobile broadband connection. I would really love to see a mobile based OSM mapping application that can utilize this facility and able to do photo tag/Video tag with GPS traces,upload to OSM/Flickr/Youtube, create and edit basic maps.
The idea by Zhijie Shen is here. So in case if you are interested in developing such an application do get in touch with the OSM community.
Apart from this you can find a lot of interesting project ideas here.
Student application for GSOC 2011 starts from March 29th.