At the most recent Ubucon it was announced, by Mark Shuttleworth himself, that the next major version of Ubuntu will be called Lucid Lynx.
This release carries on using the unique naming conventions the creators of Ubuntu make use of.
It has been explained the reason Lucid Lynx has been used is because the word lucid means to be clear and the lynx is a thoughtful predator. Both which are very good definition of what Ubuntu has become.
Here is a video clip from Youtube with Mark making the announcement.
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