Thanks for the positive reactions!
As Fun Sucker pointed out, I agree that the name biscuit would be a bit odd to use if the program ever really took off, but when you look around (MonkeyJam, Helium Frog) it's not that weird comparatively. I guess the B could stand for basic, but this program may evolve into something far from being basic... Anyhow, I realise the point made.
I think just using biscuit by itself, whilst still keeping a hint of acronym would be the best way to go about it. Most people think of Gimp as just the word Gimp, not as the GNU Image Manipulating Program, yet the origin of the acronym still exists. That's what we should do with biscuit.
@Sonjira, I don't think it's really necessary to add 'Animator' or 'Pro' to the end of the name, purely because it doesn't give anything to the title, and also allows it to blend in (we want it to be individual, don't we?) with the multitude of other programs that end in 'Animator' or 'Pro'. Thanks anyway though!