It's the current code name. It may or may not change before the launch of the system (Like the Dolphin became the Gamecube and Project Reality became the Sixty-Four).

Sessler, somehow I don't see the general public embracing Nintendo, as much as it pains me. I'd really love it if Nintendo was uber-sucsesful and had the resources to make their own uber-killer apps like Halo and GTA.. but I just don't think it will happen. Ironically, it's Nintendo's target audience really--the 7-17 year olds--that tend to shy away from Nintendo games because their too "Kiddy"...