Unfortunately the name won't change, but it's a fair point, LAPL would be better.
Here's a summary of the licences:
Basic LPL (BLPL):
(1) 10 hours of dual instruction;
(2) 4 hours of supervised solo flight time;
(3) 3 hours of navigation training.
+ 3 hours to make 20 hrs
Aerobatics, night rating and tailwheel are permitted. That's a significant improvement on the PPL(M).
Restrictions are SEP <= 2000kg, 1 pax, flying no more than 50km from home base, no landing at other airfields, no specific vis restrictions except 'when, taking into account the conditions of flight, the pilot is always able to return to the aerodrome of departure,' which could mean anything. There are no horsepower or speed restrictions.
Equivalent to BLPL + 10 extra hours of instruction, same as LPL except that the 50km, landaway and 1 pax restrictions are removed. So it's a PPL for aircraft <=2000kg. Again, no horsepower or speed restrictions.
No changes to the current regs.
Personally I'll be opting for the LPL(A) as I'm not interested in flying multis, TPs or heavier aircraft. Also, it saves me @ €2000 in flight training costs.
Having leisure in the title will allow aviation's enemys' which sometimes include regulators, to both lobby against and curtail its Privileges.
EASA are the regulators, and they're making the rules. Believe me, this is all great news. Also, NPA 2008-17C details medical changes. No Class 2 required for the LPL, only a GP examination and declaration.
The changes will become law in early March 2009. Fantastic news!