Wastelands: Let's start thinking about use cases and spec

So I'm at DrupalCamp UK and the topic of this site has come up again.
Lots of developers mention cool modules they've written in-house but aren't releasing because they're too specific to their projects or too raw for a release.

A space where these could be released without too much expectation would mean the next person who needs this feature doesn't reinvent the wheel, but instead can give some time to pushing the code a little more towards being generic and ready for release.

So let's think about use cases for the Wastelands and the spec we'd need.

The Ubercart system for contrib modules was mentioned as a way of perhaps not doing this, because after one piece of code is posted, subsequent revisions are just posted as comment attachments.
I think a CVS would be maybe the way to go so we can get diffs and so on, but with some way of showing the original code, the point to which contributor 2 took it, etc. CVS tags perhaps?
I think what I'm sort of thinking of is like a wiki for code.