When I restored my new iPhone 5 the restore did not use the newest back up but used a much older back up, why?
Yes I know. I think if you make a second backup in the same day iTunes puts a time stamp besides the name of backup.
I don't think you can edit the names of the backups. You can delete some if you don't want them.
You now know how this thing works and you can backup up restore and sync all of your devices as you like. Also you can use iCloud to backup and sync your devices.
Let me know if you need any help.