Ubuntu developers are planning to use the name GNObuntu for the Ubuntu Gnome Shell Remix. The first Ubuntu with Gnome Shell by default will come out from Ubuntu 12.10. This will allow better integration of Ubuntu apps in Gnome shell and target users who were looking to use Gnome shell as their desktop environment rather than Unity.
Though Gnome shell can be installed from Ubuntu repos, Unity is currently actively maintained by Canonical. According to naming conventions, this flavor of Ubuntu could have been named Gubuntu, but that sounds similar to Goobuntu, the Ubuntu remix given to Google employees for internal distribution.
The discussion is yet not over and can be viewed from this page.