The search for ET, pulsars and black holes
Basically, this project is going to re-examine the existing SETI@Home data tapes for a different type of signal. This re-searching (if you will) will be at least 100 times more sensitive than any analysis done previously and is extremely CPU intensive, therefore making a great beta test for the BOINC project.
"This type of signal is different from those which would be caught by SETI@home. Since the pulses are so fast, they are broad-band signals. We need the full 2.5 MHz bandwidth for maximum sensitivity, whereas SETI@Home breaks up this frequency band into 256 10 kHz sub-bands..." -- more info can be found on the SETI future