Well, Jelly Bean still fits the criteria very well, and I would not be surprised if it remains the final choice. Google has been naming Android versions on the basis of dessert names alphabetically from the start.
A quick recap:
- 1.5 Cupcake
- 1.6 Donut
- 2.1 Éclair
- 2.2 FroYo
- 2.3 Gingerbread
- 3.0 Honeycomb
- 4.0* Ice Cream Sandwich
- 5.0 Jelly Bean*
*Not officially confirmed
Other rumors: According to This is my Next, some ‘game changing stuff’ was coming in ICS but it has been postponed to Jelly Bean possibly because of the release schedule, still there are major architectural, functional, and design changes in Ice Cream Sandwich, so it will indeed b a big release.

One reply on “After Ice Cream Sandwich, is it going to be “Jelly Bean”?”
Yah the naming (Jelly Bean) is been known since long time ! (Almost since an year)