ditzyboy, if i am not mistaken Wolff Olins who were behind the creation of the Go brand for British Airways, had originally tried to persuade the team behind Go to call it "The Bus". Barbara Cassani however said she didn't want to be the CEO of an airline called the bus because it sets the wrong ideas about flying. Even though we all know flying is like a Greyhound anyway, she didn't think it would give a good image.
Personally, I think quite a good name though would be to call the airline "Whore" - the real no-frills experience.