Dirac and Schrodinger are participating jointly this year in the Google Summer of Code. There is a list of suggested projects here, but if you have other ideas please suggest them. Dave Schleed and I hang out on #dirac on irc, so chat to ds or tj_davies there for more info.
The projects are mostly around making Schro as good and as ubiquitous as possible. My personal interest is mainly around improving the encoding side, since although Schro lags a little behind the Dirac reference implementation it's certainly capable of being much better because it already incorporates a great deal of look-ahead and pre-analysis.