Gorgeous! And complicated enough to keep you from getting bored. Ok - I posted this BEFORE I read the whole thread, so I'm going to finish reading and do some edits to keep this alive! Come back and read, because my comments are going to change!
IMHO the light block of the central 'medallion' (which you are avoiding) might look better if it was more of a CIRCLE than a square.
I have to agree with Gai - I still like v. 1 best - and my name suggestion is FangDangle ~ ~ ~
Final edit: WOW - without reading my input, you took my advice about rounding the central area! You're a GENIUS! and the fangs are gone, missing, eliminated! So we're left without a name.
This is going to be one fabuloso quilt. And you can make back all the time and money you're spent on it by entering it in money prize contests and eventually either selling it or selling patterns. Patent or copyright it IMMEDIATELY!!!