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Another bunch of PR people justifying their existance. Wasting money on signage and a name that will not be used in everyday visits by PAX. 
Indeed, just like the morons who renamed Staines to "Staines-upon-Thames", apparently because it sounds "posher". Waste of time and money really, the name will just be shortened as is the case with Richmond, Kingston, Sunbury, Henley, etc.
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If you think that's bad, wait till it dawns on some bright overpaid spark that you can't have the other Terminals numbered non-consecutively.
So, T3 will now become T2, T4 will become T3 and T5 will become T4.
This will have the added advantage that no promises will have been broken when the new T5 is built."
Yes, it will be the new LHR-1, as it would have been anyway, or arguably the new LHR-1/2. (since "2" becomes "Queens").