Yes, that'd probably be wise to no longer call it IS. If it is under the same name, I have a bad feeling that the bad luck would follow.
If you all want it to get done, you need a good leader and people that actually want to get things done (not people that just want the title, if it still means anything at this point). If you're going to keep the current devs, setup tasks and reasonable deadlines. If they don't finish, kick them out.
Now, if you want to form a new dev team that's dedicated I don't believe deadlines would be needed. Just setup tasks. It's organization that's really killed IS over the *cough* years.