LIFE (Life Cycle Information for E-Literature) is a joint, JISC-funded project of the University College London Library Services and the British Library that is investigating life cycle issues involved in collecting and preserving digital materials.
Here's an excerpt from the home page:
The LIFE Project has developed a methodology to model the digital lifecycle and calculate the costs of preserving digital information for the next 5, 10 or 100 years. For the first time, organisations can apply this process and plan effectively for the preservation of their digital collections.
Currently the LIFE Project is in its second phase ("LIFE2"), an 18 month project running from March 2007 to August 2008.
The project has just established a weblog.