Here is, by far, the best point in favor of calling one microbitcoin "one bit".
If we all agree to call 1 microBTC "one bit" then we can all really look forward to that glorious day when a shave and a haircut will once again cost two bits!
Even grandma will appreciate that.
http://en.wikipedia.org/wiki/Bit_(money)There has been an unraveling on this subject, the plot is thicker than I anticipated. There are a lot more involved than expected. Big names
We already have 1 microBTC and 1bit (both are the same), It's called the "Satoshi".