I believe we have talked this on IRC before, the idea is simple, extract the LWJGL Applet Loader and create a new project LWJGL independent (I mean from LWJGL code and dependencies, etc, not to be outside of LWJGL svn).
Currently the LWJGL Applet Loader code doesn't depend on anything from LWJGL code, managing it as a separated project will benefit developers in several ways. For example, it could be updated and deployed independently of LWJGL each time a patch is applied and LWJGL version will not be modified (they will have different versions). It is also easier to develop for it, now if you open LWJGL in Eclipse, for example, it will not compile since you need generated files from natives and other stuff but as the Applet Loader doesn't need those it could compile without any problem.
Another important thing, it could be uploaded to maven central repo without any restrictions since it doesn't depend on anything extra. And of course, JNLP LWJGL Applet Loader will depend only on LWJGL Applet Loader, that will be nice since I could upload it too to maven central.
Hope you like the idea, I am willing to help in anything you want if you want to go ahead with this RFE.