Cubed3.com has an interview with Rob Saunders of Nintendo UK, where he discusses the Nintendo Revolution's new name... "Wii". He explains that Revolution was only ever a code name, and that the new name indicates the nature of the system, whilst representing its all-inclusiveness. He explains why he believes that the new name works on several levels, and why the name was chosen.
C3: Many fans had warmed to the idea of the 'Nintendo Revolution' with many believing that 'Nintendo RS' would be a suitable final name and currently disliking the name 'Wii'. What is your response to them?
RS: We believe we have found a very strong name for a very innovative system. And while we agree it may take a little time for the name to be fully accepted, we believe once you pick up the controller and play your first game, the name will make perfect sense. Any possible negative connotations will be quickly forgotten.