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On 21st of July this year, launchpad.net will become open source which practically means all the code hosed on Launchpad will be public. There is even a counter available to mark this event:

Code for this counter:
<object codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,0,0" width="192" height="192" id="countdown"><param name="allowScriptAccess" value="sameDomain" /><param name="movie" value="http://countdownpage.createyourcountdown.com/filename=0000gtcd160852b92a2b685c264ee7495ac36127_090605173648" /><param name="quality" value="high" /><param name="wmode" value="transparent"><embed src="http://countdownpage.createyourcountdown.com/?filename=0000gtcd160852b92a2b685c264ee7495ac36127_090605173648"  name="countdown" width="192" height="192" wmode="transparent" allowScriptAccess="sameDomain" allowFullScreen="false"  codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,0,0"/></object>

Launchpad is an applications network built entirely by Canonical in order to facilitate software development. Of course, the main product under development on Launchpad is Ubuntu.

The purpose for going open-source is to increase the development speed which is extremely important to meet the huge competition from large corporations.

It's also possible that there will be new additions to the Launchpad application such as a wiki page where you can discuss about the changes or bugs. Full implementation plan and timetable can be found on the website.

[via ubucentrum.net]