I have been thinking about starting a study using a product called Emotiv which is a portable EEG for a sleep study. Emotiv allows for recognizing specific brain signals and converting into actions on a computer or in a game so you can pretty much play games hands free with basic brain functions. I was thinking about using this device for a type of lucid dreaming indicator. After talking with a few people I managed to get the funding needed for the research version so now its just the waiting game for the product to get here.
Another interesting idea that I have been thinking about for the Emotiv is indicating lucid dreams, OBE, and other dream states and experiences while recording these experiences with EEG software. It should come out to be pretty interesting stuff if it works out. I hope to post the results here as I find them out.