I'm one of those who feels that KML needs an update if it's going to become a standard. Keyhole Markup Language has a legacy sound to it. Here are a few possibilities:
Kartography Markup Language. Think Krab. A nod to the old-timers who bemoan what passes for cartography these days, dagnabbit.
Kang and Kodos's Markup Language. I bet I'm not the only one who sometimes feels like an alien presence monitoring an oblivious Earth, ripe for the plucking.
A quick pass through my OED didn't turn up any real winners. Let me know if you have any ideas. Best one wins a free copy of OWSLib.
Update: the winner, from the GeoRSS list, is KML Markup Language.