First Post! ;)
So, one of the things that we're doing here at Bryght (in addition to our hosting services) is a fair bit of development work on drupal - to both make the core stronger, and offer some interesting modules to extend core's functionality. We've set up a public wiki and subversion repository to host some of this development (all of which should make it's way back to the drupal repository).
I'd like to take a minute to point out one of our first projects: working on Distributed Authentication and Profiles. One of our first developments for this project is a revamped FOAF module. There's already some information there on how it works, and source is available, so I won't reiterate too much here. The idea is that when you log in to any Bryght/drupal powered site you should be able to bring along your profile information (and have it remain current). This module enables that interaction with any FOAF-enabled site (including hand-rolled FOAF files and other drupal sites running this foaf.module).
It's not totally complete (note the pending tickets), but feel free to try it out and offer feedback. We'll be setting up a test/demo site soon (which I'll remember to announce here).
If you have ideas for other potential modules (things you'd like to see) feel free to leave a description in the wiki.