I'm a usability engineer by profession, and the lack of this feature is probably the biggest single obstacle I've found in the Timefactor thusfar. Having quick access to only two presets at a time without changing banks is another, but not having names for patches is a major problem for using this live.
I understand that this is not a trivial thing to ask: when designing it, the developers would have to design the process for naming it (although the encoder is available to scroll through characters), and it would take a few bits of extra memory for each preset. As one other user suggested, at least having some very basic info (effect type, tempo, etc.) available as part of an uneditable preset name would help, but by the time you've done that, you might as well have given the user control over what to display…which could be just those parameters instead of a goofy name.
I have spoken to at least one other person that went with a TCElectronic product for this reason alone. Note that the Nova Delay doesn't allow you to name presets either, though.