I kind of liked Project Morpheus, god of dreams and all that. But it's obviously not a clear message, hence Sony's shift to the new name: PlayStation VR. Sure, it's a little less interesting but it's hard to miss the point - it's VR, on PlayStation.
There's a quick quote from Masayasu Ito, the (deep breath) EVP, division president of PlayStation product business and VP, software design division, about the name change:
“The name ‘PlayStation VR’ not only directly expresses an entirely new experience from PlayStation that allows players to feel as if they are physically inside the virtual world of a game, but it also reflects our hopes that we want our users to feel a sense of familiarity as they enjoy this amazing experience.”
Basically, consider this a PSA to stop calling it Morpheus before it arrives early next year. You'll make Shuhei sad if you do, and no one wants that.
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