The name change is not just cosmetic; it also points out a big gameplay feature in the MMO. The game itself is set in a multiverse (or "nexus of planes" as the developer calls it) and players will be able to summon portals that serve as rift to these different planes anytime or place in the game world they wish. Rift: Planes of Telera is scheduled for a 2011 launch. You can get more info on the newly rechristened game at our sister site Massively.
Gallery: Rift Screenshots