The name sucks, but that can be changed. I doubt people will even call it 'The 78' from the get go, since it sounds so awkward to say. The sign outside the Sears Tower says Willis on it, but find me a single Chicagoan who calls it that?
As for the street layout, I'm not sure if they will change that as the development is built out. The LSE streetplan is the exact same layout as the initial plan stated. While the buildings are all radically different from the initial proposal (save for the first few... The Lancaster, the Shoreham, etc) streets are harder to change, especially with all the necesarry infrastructure that needs to be put into place (sewer lines, water mains for hydrants, etc).
I do think (and have mentioned several times) that they need to go back to the drawing board and add several more east-west streets. Not only for the easing of traffic (and in keeping Wells/Wentworth from becoming a mini-autobahn for commuters to/from the Loop), but also to keep the development from having a "superblock" feel. The pedestrian experience is enhanced when there is more variety on the street level, and that includes having smaller buildings on smaller blocks.