Copying my post from this thread: http://forum.bitcoin.org/index.php?topic=8282.140.

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

• Bitcoin sounds like a small amount.
• While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
• No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.