They could always go with a catchy name like 'Crystal Meth'. This distro sounds like it's doing the 'lightweight' thing right. Xubuntu is still packed full of all the applications that come with Ubuntu so you would require an unreasonable amount of RAM to run the thing properly regardless (experience). I did try fluxbuntu, but fluxbox is far from comfortable for any user to possible consider using all the time, it's just to unconventional.
Another update, they did change the name. It is now called Spri. You can still download icebuntu while they redevelop the themes and artwork for the Spri release.
Test Drive Unlimited
30/08/2009 / South Coast, NSW