Though I'd mention that I'm thinking a lot about distributed bug tracking right now.
LWN had an article a while ago about distributed bug tracking, and one interesting suggestion that came out of it was that a bug report could somehow be passed around from one project to another while still somehow remaining the same bug report and connecting together the info from the different systems it passed through.
That would really be excellent, but getting there seems hard, since there are many different bug tracking systems, all incompatible, and all storing incompatible data. Launchpad tries to pull together info from all of them in a centralised, top-down way. I'm thinking much more decentralised, ad-hoc, and bottom-up. And more subversive. Amoung other things, I'm thinking about microformats.
Anyway, I think it would be good to get a group of interested people together to look over my ideas once they're a bit more refined, and generally beat on the distributed bug tracking problem. If you're interested, get in touch.