Kernel tracing instrumentation is ready, now we need decent analysis tools. The problem is that there is so much data, that it's hard to interpret them. For the project, I have to come up with something that is new and better that what is already known.
For example, we could get a better analysis than bootchart, or auto detect bottlenecks in a system (disk, CPU, memory, network, etc...). There are some work done to integrate userspace and kernel space tracing, virtual machine and host traces, dynamic and static trace points. For a distro, they could record a trace in background and send this information allong with the core dump when an application crash occur. That's all ideas!