I completely agree with Mike Saunders about the care needed when naming a project [Re: Running a Project - What's in a name?].
I don't think "Gimp" is that bad a name though. It does sound like an umbrella used as a walking stick for a limp, but at least we know how to pronounce it. Further bad names are "Linux", the Commodore "Pet" (from what it means in French) and (a bit off topic) the Ford "Pinto" car (for what it means in Spanish). Anything with "free" in it is also pants as it causes so much argument and misunderstanding.
A good name: when George Eastman thought up "Kodak", a word that rolled off the tongue, he checked that it would be pronounced consistently in the main languages and had no prior meanings. OTOH I firmly believe that most OSS project are named in a kind of auction during a team heavy drinking session, with hilarious input from pub bystanders.
Naming a project after the founder [Linux, MikeOS] might seem egotistic, but also makes the project sound small, and that contributions from others are not welcome. If that is the case, then fine; if not, the name will always be a millstone. At least outside Scandinavia most people would not realise "Linus" is a man's name or that Linux is connected with it. Like I did not realise that the "Ford" on cars was someone's name until I was in my teens.
And Mike, how do you pronounce "MikeOS"? Mike-Oh-Ess? My-koss? I guess not Mickey-oss.
As for Linux, I persist in pronouncing it "Line-ux". That follows normal pronuciation in English, the prevalent world language, (as in "diner" vs "dinner"). Some people tell me that, because of "Linus" (Scandinavian pronunciation I gather) I should say "Linnux" - but it sounds cheap, little and tinny, like a company that makes the toys inside Xmas crackers - but doesn't Linus himself pronounce it "Leen-ux"? That is just hideous. Linux had grown bigger than Linus, so can't we think up a new name, a good one this time?