"While the code-name "Revolution" expressed our direction, Wii represents the answer. ...Wii will break down that wall that separates video game players from everybody else...Wii has a distinctive "ii" spelling that symbolizes both the unique controllers and the image of people gathering to play. ... And together Wii will change everything."

Nintendo renames their newest.
•(Promotional Video For The New Name)

Americans are already complaining it's a terrible name already as are, generally, the rest of the world. I like it, I think ultimately it does go with the sleekness of the console and lets be honest, it's a less brash name all together that the terrible over-confident "Revolution". Names are the last thing that should determine a console's success of course, but I do think the change is a good one. Time will tell!