Nintendo announced the official name for the Nintendo Revolution console. It will be called Wii.

Update:
Latest Wii News in our E3 2006 Coverage

At the GDC 2006 were already rumors that Nintendo will rename the Revolution. Back then it did not happen. No out of the blue Nintendo announced Wii as name for their next generation console.

Quote from the Nintendo announcement: "While the code-name 'Revolution' expressed our direction, Wii represents the answer.

Wii is a play on We and the ii is supposed to symbolize the unique Wii controllers and the image of people getting together to play. It is save to assume Nintendo will have lots more in store for E3 2006, as they already jumped the gun on announcing the new name for their new console.

See a little flash animation and more details on the Nintendo Revolution now called Wii site.