Actually you mean 100 million BITS?
BTC, mBTC, uBTC & Satoshi are all we need.
No, the "bits" proposal is to use "bits" as a shorthand for microBitcoins.
For those that missed it or misunderstood it, the entire "bits" proposal is as follows:
1 satoshi = smallest unit, pretty much in general use today
1 bit = 100 satoshi, eventually every day use, coffee, sandwiches, etc.
1 XBT = 1 bit, should be the official symbol on all exchanges, forex, etc.
1 BTC = 1000000 bits = kept for dealing with larger amounts, may fade
1 Bitcoin/bitcoin as a currency unit fades away
Bitcoin = the Bitcoin protocol
Notice that 1 microBitcoin = 100 satoshi = 1 bit = 1 XBT
When adopted we can all look forward to the day when a shave and a haircut will, once again, cost two bits.