Bond quoted that phrase because it is a paraphrase of a comment by Peter Molyneux that Project Ego would be the greatest RPG ever made, or at least that is their goal and why he is putting so much personal time into it.
As for the name, I would call it Ego because that way they would keep all the name recognition they have gained do far with all the buzz going on about this game and the name would make more sense considering the game's context ("Project" doesn't really fit in with the whole sword and sorcery concept)
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