Even though the name's catchy, it's been the butt of like a gazillion jokes and Nintendo's marketing department have received nearly 200,000 email complaints regarding the name and how people tend to associate it with the phallic region.
In a recent survey conducted by Nintendo, they found out that nearly 62% of gamers wouldn't buy the console because they thought it sounded extremely childish (Just wait for the new Resident Evil or Red Steel).
As of now this remains a rumor, and since Nintendo is known to stick to their guns, I doubt we would see a name change anytime soon (ever).
Well, I cant agree more. 
