1) If you want a different name for your project it's best to do it at the New Project dialog stage. We grab the name you use there and propagate it out to a number of places. You can change it after the fact, but you will need to change Application1 everywhere it's referenced in the application.
2) For usage of the application template as written pretty much everything is pertinent -- this is about as minimalist as you can get and still have a user interface. (Well, OK, you could have a single page of 'Hello World' user interface to simplify things down even further -- but then you don't really have any interaction for the user, nor do you demonstrate how to bind to data or the Media Center object model which are two very important beginner tasks. But I digress.) If you would like to share exactly how minimalist you want to go we can probably help.
Charlie Owen (Microsoft)