On the iPad User Guide, it says "Rename an album: Tap Edit, then select an album." When I tap "Edit" the word "Edit" changes to "Done". Then when I select an album, the screen just goes into the photos of the album. When I tap on the name of an album, the icon just flashes. In no time, the keyboard comes up to allow me to rename.
For the names of individual photos, I find no hints or clues for renaming.