At TechEd 2007 in Orlando, Microsoft announced the official product name for Visual Studio Codenamed "Orcas" as : Visual Studio 2008. Nothing fancy, no Blend or Power or CodePod but just Visual Studio 2008.
Make sure you checkout some of the cool Visual Studio 2008 sessions at TechEd 2007 (if you're here of course), if not, you can catch most of the sessions at the next DevConnections event in Fall (Nov 5-8 2007).
My personal suggestion is to stick to version number. Visual Studio 8 or 9 or 10. Instead of using years. That said, I think Ubuntu has a cool naming convention, Edgy EFT, Fiesty Fawn and the upcoming Gutsy Gibbon etc. Really, we should bring codenames back. But then again, all you @#$^$& keep suing us for using codenames. COME ON!! They're just CODENAMES not official product names.
Read more here : http://www.baselinemag.com/article2/0,1540,2141864,00.asp