[0] - http://ark.intel.com/products/family/78583/Intel-Xeon-Proces...
[1] - http://ark.intel.com/compare/?ids=85766,85765,85764,85763,85...
E3/E5/E7 (market segment + socket), the first digit is the socket configuration (2/4/8), the next 3 digits are a model number and the vX at the end is the CPU generation.
The Xeon E3-1220v2 in my ProLiant ML10 is a lower-end, single socket Xeon in a fairly high performance segment.
The Xeon E5-2403v2 in my ThinkServer TD340 is a mid-range, dual socket Xeon in a fairly low performance segment.
The fact that the 3 digit identifier has no relation to overall performance is the biggest shame in the Xeon chips, considering Intel does this with the Core i3/i5/i7 products.
OTOH, Xeon's can vary so wildly it's hard to give a tangible performance or configuration metric to the model identifier. Things like overall CPU cache, core count, clock speed, expansion support (namely, number of PCIe lanes) all vary so much that you really have no choice but to look at ARK since there's no way to convey this in a more efficient manner.
EX = product line
vX = generation
The clock speed omission is a bummer, but Xeons have two different clock speeds on all processors (one turbo -- which only a certain percentage of the cores can hit simultaneously), so things are a bit more complicated.
[1] https://semiaccurate.com/assets/uploads/2011/04/xeonmodels.p...
The i3/i5/i7 is clear as market segmentation. But you never know which generation is the current one. Also there remains to be seen a clear differentiation between models "inside" i3/i5/i7 division
x is the brand family that most everyone is familiar with.
y is the generation. 6th gens with have a 6. 7th gens will have a 7.
zzz is roughly a capability indicator. The higher the number, the more powerful the processor (generally speaking). This is only comparable within the same generation. Comparisons will be off when comparing these identifiers to other generations, so it's suggested to us benchmarks.
A is a alphabetical modifier to indicate a feature like unlocked.
So an i7-6700k is an i7 family processor from the 6th generation (Sky Lake) at the 700 "level". The chip is also unlocked for overclocking. An i7-7700k is an i7 family processor from the 7th generation (Kaby Lake) at the 700 "level". This chip is also unlocked. Take all of the goodness from the previous generation's processor, and (more-or-less) give it the new optimization from the current generation.
And honestly, the SKUs "level" is a fair bit more random than you imply; you wouldn't know from the model number that i7-6567U was significantly faster than a i7-6660U, for instance. Or that a i7-6700k significantly beats a i7-6700, which significantly beats a i7-6700T.
It's only within the same TDP that the level is non-random, but you aren't going to know this without going on ark.intel.com.
If I'm at a store and I see a i7-6700 and a i7-7300 which one is better? a i7-6735 or a i7-6720A? It doesn't make any sense for the general public.
Intel used to have one segment, then two segments: the Celeron and Pentium. Then it went for the Core 2, and then other lines
Especially today, that clock speeds are pretty much immaterial, they could take all those models and turn it into only a couple.
This comparison[0] shows how a 4th gen processor that has a higher over-all benchmark. It's still non-intuitive knowing the breakdown.
[0]: http://cpuboss.com/cpus/Intel-Core-i7-6700K-vs-Intel-Core-i7...
Intel does name their chips. ex: Intel Core i7-6700K[0], Intel Core i7-5775C[1]
They also have families (Core i7), and generations (6th Generation i7 Processors), and microarchitectures (Skylake)[2]
As for making it clearer, I think the i3/i5/i7/Xeon branding is probably as clear as they can, given that they have a few dozen processors per market (Desktop/Server/Mobile/Embedded) per generation, each targeting a different thing (low TDP, high clock speed, more cores, hyperthreading, etc).
[0] - http://ark.intel.com/products/88195/Intel-Core-i7-6700K-Proc...
[1] - http://ark.intel.com/products/88040/Intel-Core-i7-5775C-Proc...
[2] - http://ark.intel.com/products/codename/37572/Skylake#@Deskto...