How can I rename a folder in Lion's Launchpad?
Solution 1:
Once the folder created (with the name Utility) you click (once) on the folder to open it, once opened the name of the folder appears in bold + the different apps inside that folder.
To change the name, click on the name (shown inside the folder) to change it.
Solution 2:
Ok, I did a google search and came across a page where others are having the same problem.
The reply by etresoft - https://discussions.apple.com/message/15661045#15661045 - basically says to kill the Dock application and it should restart automatically, and then it should work.
I did that, started Activity Monitor, found Dock, and force-quit it, it started right up again, and afterwards renaming worked as expected.