Yes . . . but not now.
Let's face it, "Engineering" isn't the most catchy name when it comes to chat rooms. Many have witty names - "The hbar" (Physics), "The Observatory" (Astronomy), - you get the idea. I'm not sure how good a name "Signal:Noise" is (though not being a professional engineer, I'm not the best judge) because it doesn't seem like a well-known phrase. We can afford to be a bit cheesy with the naming, too.
However, I don't think that we should change the name yet. I agree with the reasons dcorking listed, but there's another one: We're only in private beta. If this site becomes The Next Big Thing, only a tiny fraction of our users within the next year are currently on the site. I don't think we should make any big decisions like this yet, and it seems kind of pointless to start the debate now and keep revisiting it in a month or two. Or three.