It's funny, I've heard this comment from almost everyone I told about our project in the past six months or so. The name seems to be universally hated (which means we aren't playing favorites, right?) and people wonder what it is that we are doing.
I usually start by explaining the term Yocto - it's the SI prefix for 10^-24; we are just trying to say this is for the truly embedded market.
And then I start talking about why I like the fundamental idea: there are lots of projects for embedded build tools, scripts to build root file systems, etc. - but there is no defacto standard; especially the hardware vendors seem to all have their own flavor, their own kernel, their own tools, their own build process, their own root file system, all with different bugs and issues and oddities. So embedded developer keep learning slightly different tools and environments, keep fixing the same bugs, keep reinventing the wheel. And that's what we are trying to solve. Across architectures, across vendors, under the umbrella of the Linux Foundation.
And I'm happy to say that a lot of people think we are on to something. What do you think?