People, get it together....

BTC1 Bitcoin = 1,000,000 Bits
BTC 0.000001 Bitcoin = 1 Bit
BTC 0.00000001 Bitcoin = 1 Satoshi
0.01 Bits = 1 Satoshi

Bit is solid because in the current protocol it leaves 1 Satoshi (the smallest possible increment) as 0.01 Bits.

This makes "Bits" or "Bit" compatible with every existing accounting system/shopping cart out there....

edit: DOH! added correct 0's