Ok, I've got a sec now to expand on my previous post.
I've been studying bioinformatics for about a year now as an emphasis
for my CS undergrad degree. I've been accepted into UCSD's masters
program to study bioinformatics this Fall. Obviously I'm just starting
out, but that won't stop me from throwing in my two bits 
First thing: the term 'bioinformatics' is radically misunderstood.
I've heard a different defininition from each professor and book I've
run into. Some say it's IT support for biologists (ick), some say it's
mastering the exisiting web/GUI/CLI interfaces out there so you can
fetch meaningful data for research, some say it is little more that
database curation of biological information and some (the minority,
existing questions in biology. And these questions are mostly solved
by analyzing DNA, RNA and protein sequence data.
Many people I've talked with who are just getting excited about
bioinformatics early on seem to be more interested in problems related
to what's called 'systems biology', which may or may not be a branch
of bioinformatics, depending on who you ask.
Bioruby is the biggest collaboration involving bioinformatics and
ruby. You'll notice, though, that most of the functionality it
provides is how to tie existing programs together. Very little is done
algoritmically by bioruby. Think: fetch data from database, translate
to an amino acid sequence, run BLAST (an existing program), run
CLUSTAL (another one), format resulting output files for viewing, etc.
So, lots of system commands and parsing output files. These are the
typical bioinformatics tasks, from what I've seen so far.
Ok, so what have *I* done with ruby and bioinformatics? Mostly
projects that started as open-ended school assignments that became
publishable research material. I've got one paper in submission for
CSB 2005 and one in the making for submission this summer. Both
present novel software methods written in ruby. Here's a list of stuff
I've done in ruby:
- Phylogenetic tree format parsing and output (text processing)
- Phylogenetic tree construction (feedback methods and DCM)
- Hidden Markov Model techniques for CpG island detection
- 3D protein structure comparison
- Secondary structure prediction
I know a lot of that isn't going to mean anything to anybody, and I'm
sorry. There really isn't a simple explanation for any of them, but
between wikipedia and google, you can make some sense if you really
want. It's hard to just dabble in this stuff, so if you're interested,
you have to spend quite a bit of time getting your biology background
in shape. I've been working hard for a year on that and still feel
like I just started.
In case anyone thinks that they can arrive on the scene and say "I can
code; can I start working on cool biology stuff?", they are mistaken.
You really have to get some education under your belt before you can
contribute something meaningful. There are some sad stories about CS
professors arriving on the bioinformatics scence ready to show people
'how it's done' and end up making fools of themselves because they
didn't bother to learn the biology behind the problems.
Not to imply that anyone on this list would do such a thing
I just
wanted to issue a warning. So, if you're serious about getting
involved, either take some classes or read some books about the
subject. bioinformatics.org is a good place to start.
Then, do like Matt and I have: start sneaking ruby through the system. 
Dan
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from my experience) believe it is developing new algorithms to solve