But the outflow of indignation from (us) geeks is a little fun to watch. It's as if the network officials saw Sci-Fi as a market to attack, so they put on the costume, swooped in, and when they were sated, they changed clothes again. Hey, it could be true.
But I've been around the ghetto long enough that it's all old news. When I was selling my first stories to Analog, I was told "Don't use sci-fi, it's science fiction. Sci-fi was made up by Forry Ackerman as a riff off of hi-fi." This wisdom was handed down with the implication that one of fandom's legends was just a little too pandering to the masses for the true believers. The advice probably didn't take as well for me, because Forry had bought my very first story as a filler in the back of the Perry Rhodan series of translations. (Don't look it up. It's forgettable.)
But sci-fi wasn't the only attempt to name the genre. There was scientifiction and when the tide was turning away from science, it was speculative fiction, and it's derivitive, spec-fic.
There are certainly others, but these are the ones that come to mind. I guess the whole question about "Syfy" is whether it will have anything to do with literature of the mind. Certainly not if they use the opportunity to add more wrestling.