I've developed a bit of an interest in compressive sensing. It's a fun topic that has some potential for solving various problems. I coauthored a paper at DySPAN about using compressive sensing for white space detection (that is, finding spectrum "holes"). While not really related to GNU Radio, it certainly fits into the areas of communications that we should be thinking about in SDR.
My specific point of this post was to recommend a paper by Davenport, et al., from Rice University. This team, under Richard Baraniuk, has done some great work in the practical aspects of using compressive sensing, and this particular paper addresses the benefits and drawbacks.
It provides a good background in what compressive sensing is and goes on to analyze and discuss what you can expect from a compressive sensing receiver.