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Once named, you can't re-name home screen bookmarks. You'll have to delete the bookmark and add it again, putting your new name in at that time.How can I rename a group of shortcuts on my home screen. Now it is Bookmarks.
Thanks for the heads up Leelai, here are some screenshots to illustrate the situation.
<img src="http://www.ipadforums.net/attachment.php?attachmentid=50668"/>
<img src="http://www.ipadforums.net/attachment.php?attachmentid=50669"/>