It turns out that renaming your iPhone is very easy but this functionality is not apparent and visible immediately. Simply, start iTunes and double-click your phone in the DEVICES area. Most people right click the phone and then expect to see the rename command in the shortcut menu. It is a bit disappointing that we don't see a command to rename the phone in the short-cut menu. But again, double clicking does the job.
If you liked this tip, you may like to check out a post listing all of my beginner tips.