It's Open-Source project hosting, with what seems like very advanced issue tracking. Fast, easy to understand, simple.
I assume all/many of the Google Summer of Code projects will end up hosted here. Also, I could see Google providing something like a Krugle source-code search for finding specific files and code snippets. Then why not go ahead and toss in a Code Snippets where anyone could highlight/mark source code as useful, and pulled out for others to then see these snippets easily.