SOURCE: Sci Fi Channel Has a New Name: Now, It’s Syfy
Clearly this is all part of a cunning plot to throw-off the people at Upset With Sci-FiChannel and force them all to register a new Yahoo Group.
I also love how someone has already registered "syfy" as a slang term for syphilis on Urban Dictionary.
EDIT: According to no less a luminary than Warren Ellis, syfy is actually a versatile Polish word meaning "zits, filthy and scum". My own research indicates that it literally translates to "poxes", according to The Free Online English to Polish Translator anyway. And numerous websites are reporting that syfy was already a Polish slang term for syphilis, but that may just be wishful thinking.
Still appropriate either way, whether it be poxes, syphilis or filthy scum.
EDIT OF THE EDIT: Penny Arcade Picked Up On This Too...