When they replace all of the textures with different, unrelated textures does the original texture description remain? Example: If red wool now looks like a space station wall will it still be labeled as "Red wool" or will it have some new name? Maybe someone with experience on PC has some insight?

i think they would change block names like the wool and leave names like pistons the same, im just guessing though

I would hope they would just leave all the labels the same. It's still Minecraft dressed up to look differently. Anyone who plays Minecraft would recognize the regular names AND have an idea as to what regularly named ingredients they needed to go into making the items. If the mash-up switches all the labels, as well as the textures, it won't add anything to the appearance of the mash-up and just create a lot of confusion among the players of the map. In short, I think adding a re-labelling layer to everything would just be a waste of RAM.

I think it should be the same names to avoid confusion.

The label of the blocks should stay the same. The only difference I saw in the text was the color