I noticed the same thing, and couldn't find a way to change the displayed name. I wrote about it as one of the quirky things that just wasn't implemented very well.

I presume there's support for it (even if there isn't a UI), because the station included by default has a nice non-URL name. Now that I've got xterm installed, I should poke around and see where the data's stored...

As for the track title (and other station metadata), I wonder if that might be a limitation of the particular stream format. It seems to be a common problem, even with other players/platforms.