For my projects on the side (generally hardware, I'm a mech guy...), I name them after a mythological creature. I just finished Seraphim, a multi speed epicyclic gearbox. Earlier was Juggernaut, a longboard truck with a locked roll axis.

For my work (robotics), we take the name each robot project based off the new features that define it from the older version. For example, we run the Erratic robot line, and currently offer the ERA-MOBI. Since it's now public knowledge, we released the ERA-XTD, or an extended and advanced version of the Erratic. Our new products are named based on function (STH-DCSG == Stereo Head, Digital Camera, Shutter: Global).

Sorry if it's not a strict scheme like you might be looking for, we tend to fly by the seat of our pants...