The original application is http://socghop.appspot.com/student_project/show/google/gsoc2009/php/t124023313475
The initial idea was to directly improve bugs.php.net code (php-bugs-web) but then the group decided to instead work on the rewrite. Both were possible and discussed while the GSoC proposal was proposed and discussed.
So, this summer the goal is to get the Bugtracker codebase working and likely implemented for the PEAR, PECL and PHP projects. In other words, all three (and other, like GTK) will use one bug tracker.
Various updates made by Philip and Felipe