This week we'll be looking at the finally-not-just-proof-of-concept code that neclimdul and Crell have been working on! It's actually coming along surprisingly well.
I highly encourage everyone to do some homework before this meeting. You'll want to look at the kernel branch of the WSCCI sandbox, which you can download from here:
http://drupal.org/node/1260830/git-instructions/kernel
It should successfully install, and once logged in some pages will work but not all. Basically anything with a non-form fully-static path (eg, node, user, etc.) should work. Things with dynamic paths don't yet as of this writing.
We'll be discussing it more during the meeting, but it is essentially the latest draft of an actual kernel implementation for Drupal to replace menu_execute_active_handler(). It's based off of work neclimdul started at the WSCCI sprint 2 weeks ago, since extended and tidied up by Crell. More details to come in the meeting and in an issue posting Sometime Soon(tm). (I need to take the time to write it up; some of the concepts are still in flux.)
For more details, possibly a walkthrough, or at least some Q&A, come to the meeting!