Well, there are a lot of things it can't do at the moment. :P It's hoped to gain .lev support once someone figures out how they work, but the name is more a reference to the original MLLE, unlike JCS, using standard windows controls for scrollbars and buttons and stuff, instead of all those purple things. Arguably that distinction competes for salience with the .lev/,j2l difference and the much-increased usability of JCS (far fewer things hidden up in the top menustrip), but visually, gray vs. purple certainly stands out. And it rolls off the tongue better than, say, "JCS.NET."
Jake: Can't really answer that unless you use fewer pronouns? The original MLLE icon is old stuff, yes.