Your assertion seems to be that release names and versions numbers are equally useless, so we might as well use something silly and fun.
I have to disagree on two counts however:
- Ubuntu version numbers, being a year and month, are very informative and useful. They are brilliant, actually.
- Release names, on the other hand, are very hard to remember, especially for non native English speakers. I can easily remember 11.10 but "Oneiric Ocelot" might as well be "Blebliah Blobleliebhu"; both sound like gibberish to me the first time I hear them. They are non-translatable and un-pronounceable in other languages.
Internal code names are good, but release names should be publicly visible only if they are associated with a real marketing campaign and are not more frequent than once every couple of years.
This is simply common sense, and frankly I am shocked at the opposition.