"Oneiric means “dreamy”, and the combination with Ocelot reminds me of the way innovation happens: part daydream, part discipline."Some people said that this might be a bad codename, but i don't think it will be changed after the announcements.
Ubuntu 11.10 will focus upon improvements to the 2D/Qt and OpenGL versions of their new Unity desktop interface, cloud server improvements in readying for Ubuntu 12.04 LTS, etc. It may also feature the first bits of Wayland.
The Ubuntu Developer Summit for Ubuntu 11.10 "Oneiric Ocelot" is happening this May in Budapest, Hungary and this is the the time where all the developers and contributors of Ubuntu meet up to discuss what should be highlighted in the next Ubuntu release. This event is an important meeting for all Ubuntu members because the decisions made on this summit will have a high impact on Ubuntu development.