Let us call it Wikitext Experiments.
The parsing team wants to evaluate wikitext parsing changes. To do this robustly, we want to set up mass testing that compares rendering of production mediawiki against an experimental mediawiki instance. We already have a testreduce setup that can run mass tests. We also have a visualdiff setup that can grab screenshots and compare them. The only missing piece is a mediawiki instance that runs code with these wikitext parsing changes. Enter Labs projects. Ta da!
If you have proposals for a better project name, I'll take it. But, otherwise, let us go with that one.