Bill Calder of Intel wrote Wednesday on his blog about how the new Core (aka Hero) naming scheme will work. In a nutshell we will have the three levels of Core processors; lower end i3, mainstream i5, and enthusiast i7.
Intel VP Deb Conrad also mentioned the Centrino brand is being phased out but Celeron and Pentium brand will be available for entry-level and basic computing. Finally, the older Core2Duo and Core2Quad brands will be retired as the new chips fill the market.