Classic is horrible. Why not just keep the iPod video name? I mean ipods have been around for only about 6 or 7 years, not enough time for something to become "classic" :S
Its just a descriptive differentiator at the moment.
I am sure they will drop the Touch and it will eventually just be called the iPod. Just like they did with iPod Photo. It highlighted a specific feature and when that became the norm, it became just the iPod.
I completely disagree. Classic, to me, implies that it is the one that got the whole iPod ball rolling. That said, I believe that Apple was just officiating the de facto name that that model iPod has assumed anyway. As someone else mentioned, when you say, "oh yeah, i've got an iPod," the first thing that the other person will say is "oh yeah, which model?" Now that the name is official, you can now say "the Classic" without people needing to think longer than 1/2 a second about it.