How to rename a bluetooth device in OSX Lion?

Before I upgraded to OSX Lion, I could open up the Bluetooth Preferences, select a device, click on the settings icon, choose 'Rename Device' and rename the Bluetooth device.

Now that I've upgraded to OSX Lion, the option is there on the same location, but it is called 'Update Name', however, it doesn't do anything for me. Is that just a dead GUI component that will get functionality tied to it later on, or am I doing something wrong?

System Preferences > Bluetooth

• Select (click) the device you wish to rename

• Click the gear icon at the bottom of the list and Rename is one of the actions you can take on each paired device.

Mavericks 10.9:

"System Preferences" - "Bluetooth" - select your device, right click - "Rename"