From the launchpad page:
The Ubuntu BugSquad Mentorship group α is a class of mentors and students.
This is a test-pilot run during the Natty cycle to see whether mentoring new bug triagers in a group, having several mentors and a mailing list will improve the results of the BugSquad Mentorship program.
Rcart and me have enrolled ourselves, if you wanna join the initiative just send a message to ubuntu-bugsquad AT lists.ubuntu.com, since it’s a restricted group right now. Not a lot of messages have been interchanged yet, let’s see how it grows up.