Twitter is alive with excitement over the 555 Timer. Jeri Ellsworth (twitter) has sparked an interest in this 40 year old IC. With the help of Chris Gammell and some fellow hackers and engineers , She has proposed a design challenge contest revolving around this simple timer/multivibrator 8 pin dip.
Details are still forming, and are available on 555contest.com. Twitter rumors (tumors?) indicate that element14, digikey and designspark are interested in sponsoring this contest.