The project name is RPiBTC. The aim of this project is to run the full Bitcoin client in a low cost Raspberry Pi model B. The Raspberry Pi is inexpensive, doesn't require much power to run, and best of all, it's tiny.
I made an image of the SD card and put it on share in a Torrent:
I've also put a blog online with explains how to setup the client running in the Raspberry Pi. http://rpibtc.blogspot.be/
With RPiBTC, you insure the inegrity of the bitcoin network by adding a node in the p2p network. RPiBTC can handle RPC JSON requests. In the future, the RPiBTC could hold a wallet.
If you have any remarks to do, don't hesitate.