Vu Trong Thu and his team build a cube sat that will launch with IOS as well, and we got to know him during the UNOOSA conference in Graz in 2010.
Planned orbital operations of F-1 CubeSat:
•Deploy antennas, begin beacon transmission
•Collect telemetry data (battery voltage, temperatures) and transmit
•Take photos of the Earth and transmit
•Test 3-axis magnetometer
Lifetime: only a few months (depends on solar activities and atmospheric conditions)
more info on cubesats