I submitted our application to Google and we're just waiting for March 16th, when we'll hear whether we've been accepted.
I can't handle all the student-helping on my own, so please try to guide prospective students -- point them to https://www.mediawiki.org/wiki/Summer_of_Code_2012 and encourage them to read the FAQ linked there. Gregory Varnum (varnent) has also accepted my request to be my backup on running our GSoC participation this year, so if someone needs shepherding, Greg can help.
https://www.mediawiki.org/wiki/Summer_of_Code_2012/management#GSoC_managemen... has my plans for running GSoC this year. Key points: People are more important than code; Hands-on mentorship and management; Quality over quantity, scope small.