Dirk Meyer of the Freevo mediacenter project gst-devel today pointing to
the Freevo summer of code projects page. As you can see they have a lot of GStreamer related things as they are moving a lot of their infrastructure over to GStreamer these days. So I strongly encourage interested students to sign up for Freevo projects.
Aaron Bockover pointed on his blog to some interesting Banshee projects which also involve GStreamer, like making a GStreamer using Windows port of Banshee work perfectly. You find these projects here.
Also a general note to mentoring organisations who have students submit interesting GStreamer related proposals, please be aware that there are many people in the GStreamer community willing to mentor/co-mentor such projects. So if you need mentors with strong GStreamer knowledge for your projects please let us know.