Google launched Google Code: Project Hosting yesterday with support for open source projects.  Here are some of the key features:

• Uses Subversion for source control (yea!!)
• Allows browsing of subversion repository in web browser.
• Uses Google Groups for forum communication.
• Custom Issue Tracker with limited feature set.
• Project cannot have same name as existing SourceForge project.
• Project must be open source.
• Notification of issue status change (couldn’t get this to work)

Things it is missing right now:

• Web hosting
• More robust issue tracker
• Downloads of releases
• Can’t change subversion password to password of your choice.
• Domain name alias
• Wiki

Also, I noticed that the subversion access if very slow.  Much slower than subversion access on SourceForge.

You can find more information on their FAQ or you can create a project here.