Of course the name is going to be silly if you sit and say it in puns and such to make it purposely sound stupid. How many people have ever actually said "Do you want to play with my ps2/xbox/gamecube?" It's not like a toy where you play with it, you play the games. Do people giggle whenever the word "we" is used in a sentence?
I can't say I adore the name, but I don't hate it either. I think it's about time consoles start coming out with more unique names, and not such seemingly generic names. I don't know why people are raising such a fuss and such over a simple name. A name isn't going to change the console, change the games that are being developed for it, change what it offers. To turn down a console over its name is a little rediculous in my eyes.
The main problem gamecube had was the games for it really lacked. There were hardly any third-party games worth mentioning being developed, and those that were, were RPGs -- and that's not hardly going to grab a huge group of people to it. Though, from what I've heard developers are jumping in their shoes at the possibilities the Wii can offer in terms of gameplay, and how much they will get to just go beyond the limits of the other consoles. I think this may solve the problem of the game database, especially considering Wii will offer something completely unique that the other consoles won't. Oh, and Zelda.