I'm thinking about starting to develop and open-source News Management System. It'll be coded in PHP and be back-ended by MySQL (no flat-file, doesn't seem useful...). It'll include stuff like:

AJAX
WYSIWYG Editor
WYSIWYG Spell Checker
Simple, But Powerful
Etc

I'm still debating whether or not I should actually do it, or not... What do you think?

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Why not? It would be a fun project, maybe useful for many people. I myself and working on a CMS written in php / mySql.

Good luck if you decide to take it up.