GSoC 2012 is scheduled to be concluded at the end of August. As per the timeline August 13th would be the “suggested pencil down” date and all work (“firm pencil down”) should be finished not later than 20th August.
At the moment we have passed mid-term evaluation on last month and proceeding to the next phase of evaluation which is the final evaluation. Students are having maximum of 16 days to complete their work. But that should not be the conclusion. Please do continue with your project, most of the time there is room for improvements. At least continue supporting since you are the creator, you know it well than others.
Disregarding whether you are a student or a mentor, GSoC would be a great experience. If you participated as a student in 2012 you have a chance to be a mentor next year if you decide not to participate as a student or if you are not eligible.
GSoC adds a value for your effort even though you are into Open Source, but that is not the real situation always. Please do continue your contribution but not for money but for the satisfaction.
Wish you all the best towards final evaluations !!