I'm at the CVREG meeting watching Jon give his presentation on GitHub, the new awesomeness that everybody (nerdy) is talking about. I'm still learning about it and figuring out how / why it's different than Subversion, but look for a personal project on there soon.
git is a source code management system designed to make branching easy. It doesn't enforce a "HEAD" like CVS and Subversion, so you can organize your project (or not) any way you want and fork to your heart's content. It was written by Linus Torvalds and company to help them develop the linux kernel, so it's all about lots of people hacking on code and figuring out a way to diff between versions without making full copies of the source. GitHub tracks, hosts, and manages all the distributed goodness: think MySpace for programmers. It also has profiles, update feeds, requests, and more. It's perfect for starting your own, decentralized, self-organizing coding community.
Let me know if you want a beta invite. I'm jeremy6d if you want to find me.Read this article