The project I have selected is Prawn, a PDF Writing library. See the details at: http://prawn.lighthouseapp.com/projects/9398-prawn/overview
Great news! Ruby Central Inc., has agreed to match all donations dollar per dollar, up to $5000. I've copied the Ruby Central press release here on the wiki, and will link to the direct source when they make the formal announcement
If you've stumbled across this page, odds are you read my post titled I'd love to quit my job! (sort of) on the O'Reilly Ruby blog.
If you haven't, please go ahead and read it for the background on what started this all.
The Proposal page has all the relevant details, head over there for some background, project ideas, financial schedules, and other planning information.
I've set up a Google group to encourage folks to discuss this project and give me suggestions, or ask any questions they'd like. Please join in there and get involved!
There is now also an IRC channel, #rubymendicant on Freenode. I am <sandal>
And of course, if you haven't done so already and would like to, please make a donation some time before April 1st.
Thanks for your interest, and I look forward to working on this project!