Not sure, I've been hearing that Babel was just the codename for the service that runs everything. I'm sure the marketing team would find something "slick" to throw out there for the masses.

It seems like a major revision of Android has been in the works for the past couple of months, but it won't be ready in time for Google's I/O which is in late May. Hence, Android version 5.0 will come out in the fourth quarter this year, probably in November. That means there's going to be one version infront of this major release, which will be codenamed beginning with K, meaning version 5 will be a codename beginning with "L". Nobody knows what it could be, I think it could be called Lollipop. After mentioning this, the chatter went quite and no-one wanted to deny it.

According to all the chatter, its probable we might only see a new version of Android in I/O.
It's probably going to be an iterative version of Android next, with the moniker of 4.2.3 or 4.3. So that means "Key Lime Pie" (if that's what they decided on) will still be a version 4. One of the killer features (or gimmick) would probably be "Babel" or "Buzz" or "new Google+".

So yeah, not much else to do but wait and see how Google's strategy plays. If they decide to release the major iterative (version 5) in May, that would be a pleasant surprise. (the sooner they release it, the sooner the bugs get fixed, the better optimized they can be for upcoming hardware, the sooner the oems can get to work, and the sooner the community can implement their customizations)