Well, the * was supposed to be a pointer. JS is dereferencing JS, so JS would be more appropriate since it implies static typing and pointers, but it sounds awkward when you say it, so we went with *JS for now.
Just a temporary name. We're tossing around name ideas. Michael's a true hacker. He writes code first, asks questions later. I'm more useless, so I like to think about names. ;-)
Since the IRC channel is called 'lljs', then 'low level javascript' is a fairly functional - if not totally imaginative - name.
On a more bizarre level, use the same logic as coffeescript (java - coffee), and get something like 'C-matra' (Sumatra being another Indonesian isle, like Java).