I saw that the Volcanic Islands wikipedia page had been updated with this naming scheme a few days ago, with no source, makes me wonder if this rumor actually originated from some troll messing with wikipedia.
I guess this naming scheme is ok, but it does seem kind of complicated compared to the previous naming scheme. I can't wait for the new cards though, I really hope that AMD does a good job on price/performance, and I really hope they go in all guns blazing with some major Fall game releases added to the Never Settle bundle.