Well, the Google Summer of Code is on again and the Python Software Foundation have asked me to coordinate for the second year (mustn't have screwed up enough last year :-)
It's early days (the organizations involved haven't even been picked yet) but if you are interested in participating in a Python project, either as a mentor or student, you should check out both the official Google page and the SummerOfCode page on the Python wiki.
You should also join the soc2008-general mailing list.
The original post was in the categories: python summer_of_code but I'm still in the process of migrating categories over.