While I don't have a strong bias toward either side of the equation, my general feeling is that deleting the word "library" is not going to reap any additional benefits in terms of funding or any of the other stated points by the change advocates. In our current economy, little will be obtained by a name change.
According to an email on the LISSA list-serve, library science students factor for a majority of the SCILS population. If this is the case, why overlook or delete the name of the major to whom so many belong? Those opposed to the change feel this change would validate or acknowledge society's impression of the library profession in our technological age (""why pay a librarian when we can google everything ourselves?). Shouldn't we stand up and show pride in our profession and strive to prove to the general amateur population that professional librarian skills are always going to be needed?
The other element to be considered is that the Rutger's School of Communication, Information, and Library Sciences School has earned it's reputation among library institutions. While degree requirements remain the same, others looking from the outside may perceive a difference in terms of the quality of the degree.
There's an element of truth in the old, grammatically incorrect saying, "If it ain't broke; don't fix it."