I really thought there were going to be a post about this here, but oh well. Is anyone from the community participating? :D It's still not too late, just get over to http://www.ludumdare.com/compo/, register and start developing! It's currently 29 hours left.
If you don't know what Ludum Dare is, it's a 48 hour game development competition held twice a year. It's all theme-based. People vote for themes, the winning theme gets presented as soon as the competition starts and you have to make your game around that one theme. This theme is "Minimalism".
I'm participating, along with my friend and business partner and you can check our progress on Twitter @RoyalRailway if you want to. I compose music and make sounds and he programs and creates art.