The folks at Mozilla Labs, The Interaction Design Association (IxDA) and JohnnyHolland.org have put together a design challenge for practitioners and students.
In short the challenge is about redesigning how we manage multiple instances of a web browser. But the big story is the opportunity to even break out of such paradigms and answer bigger questions.
Here is the official challenge link!
For any student wishing to do work on this during the summer I will try to make myself available for advice and review.