My organization would like to change the registrant option of "New Individual" to "Guest" in the out-of-box event registration form. The term "Guest" is going to be more recognizable to users who are registering for events and the value used in CRM, so I feel like it syncs up better as well.
This idea has been shipped with the new Event Registration Form in SP11, available December 19 2016. The new UI uses different vernacular, all of which is recaptionable!
This is planned with the new event registration form planned to release with SP11.