Will longhorn be the official name or is it just a codename for now?
I was at a seminar two weeks ago and the Microsoft rep that was there was mainly talking about SP1 for Win 2003, but he did mention Longhorn by that name a few times. For right now, that's its name. If Microsoft decides to change it to something else, odds are they'll do so closer to release. Heck, Win XP was known as Whistler until pretty close to the release date.
As for the WinFS being dropped to make the release date, that doesn't surprise me. They want a new OS out there every so often to generate revenue, but the amount of advancements doesn't warrant a purchase, IMO, until two or three releases down. Most likely the next Microsoft OS I buy will be either Blackcomb (Longhorn's successor) or the one after that.