Had the same proble with the latest Nano and iTunes 11.2. The menu structure of iTunes is completely different from what everyone seems to be saying to follow. All I did on my device when linked to my imac was highlight the name of the device and change it that way. Like you would to rename a folder on your mac. Ive unhooked it a number of times and re-attached and the new name seems to stay... not a genius on these things but it seems to have worked - good luck.