I would like to start using a standard naming for textures and materials and Static Meshes its pretty much how Epic did theirs.
T_TextureName
M_MaterialName
SM_StaticMeshName
TLS_TerrainLayerSetup
TM_TerrainMaterial
We do not have to convert the ones we have now, unless you want to take the time to, if you do, please say your going to in here, but new things should use this.