I was actually planning on not participating this year. The first GSoC I mentored 1.5 students (Jeremy Hylton and I split mentor duties on one project). The next year I was co-admin for the PSF with Neal Norwitz. Having played both sides I was ready for a break.
But then I realized that if I really mean what I say when I state that I want to get more people involved in python-dev and work on lowering the barriers of entry, then that means I should probably be a mentor for GSoC.
I am hoping some of the project ideas I put up will get picked up. That way I don't have to worry about dealing with them at some point in my life. =) But I am definitely not doing more than a single student this year. I just hope this won't over-extend me and the student I end up mentoring does not get enough time from me.