hmmm The Project was still the best one if you ask me but hey, they picked VR, VR it is!!!
but about the Velvet Revolver thingy: I remember an interview with Slash and Scott a day or two after VR was made official and Slash said that Velvet came from Scott and that he thought it sounded good and it fitted him, it was typically Scott and it sounded good in his opinion, also he likes the name, the revolver too, because it's open to interpretation, it has several meanings, and one of those meanings, the one he mentioned, was "revolving" as in revolving doors, as in the bandmembers themselves and the way they are with eachother, so I think that may have more to do with it than a weapon!