Scott Hatfield (mentor), Fabiano Sant'Ana (mentor), and Kyle Mathews (GSoC student) chatted on skype today discussing the memetracker module.
We discussed if memetracker should be built as an external PHP library and then be integrated into Drupal or write the code as Drupal native. Everyone agreed it'd be best due to time constraints to just write the code as a native Drupal module but in a way that it'd be easy later on to abstract out into an external library. See more discussion.
Kyle also brought up the idea of using http://github.com/ to host the code pushing updates occasionally to Drupal.org. Ubercart uses this sort of arrangement to good success and having a non-drupal repository would make it easier for wordpress or joomla developers to work on memetracker later on down the road.