The more I look at it and learn about it, the more I believe my ideal software engineering environment would look a lot like the Mozilla Project. They have a community with multiple modes of communication (web, newsgroups, email, chat). Bugzilla is an excellent defect tracking system that doubles as another form of communication among developers and between developers and QA engineers. A well-done accessible and web-viewable CVS source code repository (either lxr or bonsai are good interfaces) complements the usual source code tools. Perhaps most importantly, the tinderbox, which continously builds Mozilla on Mac, including both OSX and 9.x Windows, and Linux. For all three platforms there is a clean build and an incremental build, plus there's the ports tinderbox which adds another dozen not-quite-supported builds on a variety of common and uncommon platforms.
But best of all is how Bugzilla, Tinderbox, Bonsai and the communications media all work together. On the Tinderbox, every checkin is logged against the build where the change appeared, and the who and what of the change is a link away to Bonsai. In the change entries, bug numbers link back to the entry in Bugzilla, comments in Bugzilla entries can include attachments of patches, screenshots, stackdumps, or any other supporting documents. The irc chat system has a bot which knows about Bugzilla bug numbers and the tinderbox status even!