BFR might stand for big fudgy rocket, which is probably the most amazing thing about thisYeah Big fudgy Rocket has been their internal codename since the start. Will probably be changed before the first flight though.
Also I still think it's crazy that SpaceX is going all in on BFR. If it fails for whatever reason, it'll mean the death of SpaceX as we know it. That's such a huge risk but it's also pretty awesome that they're going to try. If they succeed, it'll be even more disruptive than their first 9 years.