Pure Entertainment Nintendo Intelligence System?
Why not just give the losers something to laugh at and call it the GayKiddie?
One of the things I've always liked about Nintendo is that they never let something fall into self-mockery. Everyone laughed at the SNES's name, joking that the next one would be called "ULTRA NINTENDO" or something (they still bought the SNES and thought it was cool, but they did think it was funny). Nintendo, luckily, has some smart PR people and they decided to not name it the ultra 64. Of course, at the time the N64 came out, bits were on their way out -- Sony never hyped the PS1's bits, but just the game medium (CDs) and what those media meant for gameplay.
So, if anything, the next console will either be similar to the Gamecube's name, or have something that makes it sound like a system that's made for games. I'd expect it to be small with a lot of features packed in that relate to actual gameplay, not just stuff tacked on that raises the price up (dvd, mp3, etc.).