In my 4th Ed. setting, I'll probably be renaming "halflings" as "hobbits." It's always annoyed me slightly that halflings, unlike the other races, have a name based on the human language rather than their own. I'm not suggesting this change be inflicted upon other players, but I think it makes my setting's flavor that much more consistent. Plus, unlike some of the more elaborate alternative names suggested in this thread, I think "hobbit" is ubiquitous enough for the players to comfortably grasp and use.