It's a given the Wii U, 2DS and New 3DS should be at the top of any worst console name list, just from the fact they are so similar to their previous interations and confuse the fuck out of anyone who isn't Nintendo savvy. Just about the only good names they had were the Nintendo Entertainment System,[footnote]With that name and packaging ROB with the first run of NESes, Nintendo tricked their way back into homes and ended the '83 North American video game crash.[/footnote] the Game Boy line, and Gamecube.
Good system names:
Playstation - a station where you can play games
Xbox - a box for playing games and was built around the DirectX API
Game Gear/Game Boy - Boy, you can play games on the road with this gear.
PSP - has a nice ring to it
Dreamcast - Sega casting all of their dreams into this[footnote]Unfortunately as usual with their console planning since the late Genesis/Megadrive days, they flubbed it by releasing it right when the PS2's hype was building up to mammoth proportions.[/footnote]
Good accessory names:
Wavebird - The first official (to my knowledge) wireless controller, therefore the first quality one
DualShock - Two motors that rumble, also twin analog sticks
Rumble Pak - just one motor, but the first rumble accessory
The Duke - nickname for the massive original xbox controller
The Powerglove - It's so bad. (The device is bad. The name is cool.)
Horrible system names:
See the opening paragraph for Nintendo's contributions.
Game.com - Is it a game system or a fuckin' website? (Yes, a 1997 failure of a handheld system.)
Playstation Vita - It's unique (which is good compared to the jump from 3DS to "New" 3DS), but I still can't shake the feeling of someone playing Uncharted on a chunk of pita bread. (Ok, It's not horrible, but it isn't great, either.)
Apple Bandia Pippin - If you think iCrap is bad, look at mid 90's Apple Computer Corp., where they attempted to make apple (the fruit) related names after the Macintosh's success (or someone on the marketing team just was a big fan of a certain hobbit).
N-Gage - Someone at Nokia was watching too much Star Trek: TNG, and everyone else was too stoned to realize a taco phone isn't going to sell well as a game system.
Edit Crap, I forgot the Xbox One. That name deserves both the golden turd and the quite fitting nickname "Xbone."
Bad accessory names:
Sega Activator - a crappy infrared ring that sat on the floor and failed to track your movements, activated gullibility mode in shoppers
32x - You paid 32 times the price you should have to play Knuckles Chaotix (the only really decent game for the 32x).
Any CD addon that tacks "CD" onto the console title - To quote the Angry Video Game Nerd (when speaking of the 32x and Sega CD attached to a Genesis), "It's like it's on life support."