While reading through the Linux Kernel Mailing List Archive I found this Linux Tiny Project revival announcement. I find it great that they try to make the Linux kernel as small as possible and want to integrate all the changes into mainline.
Personally I would be interested in a bloat free mini Linux distribution which focus on size. This should be based on busybox and uclibc with kdrive as xserver and dwm as windowmanager plus a few other console based applications.
If I had more time I would probably start one myself or at least offer my help on an existing project.