A quick reminder: the application deadline for GSoC2010 is this friday.
I highly recommend to participate because it is a great opportunity to get the experience of working with a mentor in a large open source project.
And don’t be afraid to apply (beware of impostor syndrome). If you have a project in mind and are able to describe in a few sentences why it’s useful then you should go for it. If you have doubts or questions then you can still ask on the project’s mailinglist or IRC channel to get a second opinion.