Once the project is created, the name property of the project is read-only, so I cannot update its name.

How does one do so?

Thanks,

-Paul

As you can see from http://forums.microsoft.com/MSDN/ShowPost.aspx?PostID=313345&SiteID=1 :

<<This is not possible in v1.  You can create a new team project and move all of the source-control items (files & folders) using ordinary the 'tf move' command.  Moving work items will probably require a little OM code.  I'm not sure what can be done about reports, process guidance, etc.  To delete the old team project, use tfsdeleteproject.exe.>>

We are considering this for v-next.