Well, I have been participating in the "GeoFoundation" Meeting since 5:30 am local time this morning. We're two hours into the meeting and so far a name for the foundation has been agreed upon: Open Source Geospatial Foundation.
The domain osgeo.org has been registered. I suppose most folks will refer to it as OSGF from this point on, although the term OsGeo was also mentioned in the discussions.
I was concerned that the name of the foundation would become a major stumbling block in making progress during the meeting, however the groundwork and informal polll seems to have paid off in that regard.
Discussion of benefits and expectations has gone around the table and input is being solicited from those participating by IRC.
You can view the IRC transcript at http://logs.qgis.org/geofoundation
Pictures of the event can be found at http://www1.mapserverfoundation.org/chicago-pics/images.html