I proposed these name changes awhile back and I was told I should start a forum thread for discussion. So here it is.
Isn't content more than just the pages? I think the tab called Site Content in the CMS needs a name change. The only types of content in that section are various types of pages. I propose changing the name from "Site Content" to "Pages". Isn't what's in those other tabs (ie. files, images, comments) also content? And with the ModelAdmin and dataobject_manager module there are lots of custom types of content that can also appear. Safe to say that there are likely going to be lots of content types that will be managed in a CMS, not just the pages themselves.
Related to this, the name "Site Content" at the top of the site tree should probably just say "Site Tree", right? Wouldn't that make more sense? I may seem pedantic about this but I learn a lot from the names people choose for things and with a framework that has very little documentation I think developers could choose better names.
A directory called Code? Last I checked, the whole framework is made up of code (including PHP, HTML, CSS, and Javascript). What makes that directory more code than the rest of the code? I'm only a struggling SS novice but it seems to me that what is put in that directory would better be described as classes. My Classes, to be precise. But since the directory is in My Site, I think "Classes" would be a suitable name.