Mark Shuttleworth has announced the codename for the upcoming Ubuntu release: Ubuntu 14.10 will be codenamed "Utopic Unicorn".
As you probably know, the development codename of an Ubuntu release takes the form "Adjective Animal". Initially these weren't in alphabetic order - until Dapper DRAKE (6.06).
In his post, Mark explains that with Ubuntu 14.10 Utopic Unicorn, it's "time to bring systemd to the centre of Ubuntu, time to untwist ourselves from Python 2.x and time to walk a little uphill and, thereby, upstream. Time to purge the ugsome and prune the unusable".
Up next: Ubuntu 15.04 V V. Will it be "Violent Viper" :)? Or maybe Vibrant Velociraptor? We'll find out in 6 months!
For a list of codenames used in previous Ubuntu versions and upcoming release suggestions, see THIS page.