It's a great name, it prominently displays Liberty. This is much better than Open because the word 'open' is being used for all kinds of software that isn't (Open Document Format vs Office Open XML)
It may be a 'great' name ideologically, but the fact that there are three other comments in the thread giving three different ways it's pronounced, shows a certain degree of name fail.
EDIT: Sorry, five different pronunciation suggestions at last count.
EDIT: Sorry, five different pronunciation suggestions at last count.