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Note that Google Summer of Code is probably "better" than the amount it pays would indicate.

Is this true? It's good resume filler, but you won't "meet" many people through it; your mentor, although probably a member of a big corp (most OS stuff has corp sponsors), is just one person.

So the networking opportunities are limited, a lot of the work is the "easier" (less-critical) stuff for projects (although on the other hand - maybe the more interesting projects).

It will definitely look good on your CV, but any better than getting a good internship elsewhere?

Nitpick: GSoC is not just OS related stuff. One of the areas that they are funding (exciting to me personally) is development of CGAL which is the most popular and powerful open-source library for computational geometry (http://www.cgal.org/gsoc/2012.html)

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