Yes, seriously (at least that's what I heard people at Google calling it). How many different ways could you pronounce "gwit"? (If you really don't get it, it's like "quit" but with a voiced consonant at the beginning).
I was seeing it as gee-wit. jwit also comes to mind.
Not that I have any stake in it, but the most confusing thing to me is that it doesn't mention the words "Google Web Toolkit" until the Tutorial page. It's an abbreviation; one that describes the product quite well (a toolkit for web apps, built by Google). Silly to bury it.
Obviously "gwit" is pronounced as "jwit", right?