From a point of view of keeping the world safe, would we actually want something like this developed? Keyloggers, for all intent purposes, are not the best things to have, especially in a secure environment. I'd hate for one to be made available, despite its original intentions for a project in the academia world, only to be released as some of the first rogue applications that would track keystrokes and send them to an off-handheld site/database for someone's pleasure. Just think about everything that could be found from this sort of application, provided that the firewall and content protection were not enabled (and even then, I don't think it'd too much matter).
Just my opinion weighing in on the subject matter...