"Yol-la" probably confers the intended spelling in English. The word Jolla is Finnish and means a small boat. It's a reference to the famous burning platform memo.
P.S. I was one of the 450 guys who got their phone today. Got it literally 20 minutes ago.
It is a breath of fresh air that instead of fiddling with AndroidSDK and having to deploy an apk my first test of their toolchain was simple compilation -> scp the binary into the phone and run it in dev mode terminal (or via ssh from a desktop).
They naturally have a full fledged packaging system like apk but the point is that it's not forced upon us. My phone is now basically (just like N900 was) just a Linux running on arm platform, with fancy UI for consumer usage on top.
There are practically no restrictions whatsoever. You have root as soon as you enable the developer mode from options. You can even flash your own images to the device.
P.S. I was one of the 450 guys who got their phone today. Got it literally 20 minutes ago.