I don't understand why people get all butthurt because of how it looks...isn't it all about the performance?
Oh and...Go home PS/Sony fanboys!!!

Because they have no creativity
I guess you are not familiar with the term "Minimalism" *cough*

*EDIT*
As for the name... I think they chose to call it xbox one because its an all in one entertainment system...not just gaming.
(oh and all those name jokes are so passé...some of them were even done when the 360 came out lol)