I don't know if its a bug with iOS 5.1.1 but the name for my iPhone backup in the manage storage section on my iPad shows up as Chris’s iPhone. Similarly, on my iPhone it displays the iPad backup as Chris’s iPad.
I'm sure it's a bug of some kind. When I go to Settings-iCloud-Storage & Backup-Manage Storage my iPad is labeled similarly to yours, but my iPhone is labeled as it should be. I'm sure it's a bug of some sort and nothing to worry about. My iPad is packed away in preparation for my trip to NC in the morning. I will check if the same appears on it sometime tomorrow.
Well, I FINALLY got a chance to update my ipad(1) today!! Wooooo, took an hour but all went well its only been about an hour now so obviously I can't comment on any changes etc till I've used it more, but so far things are good. Only minor, very minor thing that just bugged me a little is when iTunes was restoring my iPad, it put on 3 tv shows and 2 apps that I didn't have on my iPad. Simple fix tho - just unchecked and applied changes
Now, as long as my iPad does well, I may update my 4S one of these days as well......
edit: one thing I can comment on, lol. The new tabbed browsing in safari. It's ok I guess - I think I was just so accustomed to the thumbnail tabs that this will take a lil bit of getting used to now