The DRI3 Present Extension, as explained by its creator Keith Packard, comes down to "a way of getting new window content onto the screen in a vblank-synchronized fashion from a pixmap. This should allow regular X applications to produce efficient and non-tearing updates, and when combined with DRI3, will also allow direct rendering applications the same features. So, the fundamental purpose of the extension is to get bits from a pixmap and stuff them on the screen. I called it 'Present', intending to use the verb form and not the noun (as in I present you with this lovely pixmap, please put it in my window)."
While the Present Extension is a very straight forward term, Keith Packard is looking to change the name since its a noun, a verb, and just a bad name for an extension. On the xorg-devel list he's now soliciting new naming ideas for this DRI3 extension.
So if you may not be a developer but are a skilled linguist and looking to help out, hit up that thread for serious suggestions (and hopefully without Phoronix readers spamming every idea under the sun, which can be saved for our forums). This is just another way for non-developers to help out an open-source project, similar to the X.Org logo ideas in the past.