According to this post from Ben Ramsey there's been an announcement about Google offering up free project hosting for all open source projects that would like it.

This service is similar to Sourceforge, but it’s done the Google way. Unique features:

• Simplicity, scalability, reliability
• Rebuilt Subversion on top of Bigtable
• Complete re-think of issue tracking

You can check out the service here and get started right away. There's no approval process to wade through and a sample project can be found here. There's tons of other features not mentioned here, so head over and find out what it can do for you and your project!