http://www.spatialsource.com.au/2012/10/09/article/Real-time-bus-data-competition-NSW/ZCVREGNYVY
The approach might seem quite conservative (ie. teams have to apply, the best will be picked to continue… rather than the usual hackfest open slather, but given the fiasco of the London Tube real time feed (scroll down the page) , working closely with app developers to ensure the technical and performance bases are covered could well be wise.