The original name for the drink was Kapuziner, and it was a viennese drink from the 19th century. It was a small brewed coffee mixed with milk or cream until it attained the same shade of brown as the Capuchin monks' robes. Essentially the name resembles the strength of the drink.
Another recent myth surrounding the cappuccino is the rule of thirds. It describes a traditional cappuccino as being one-third espresso, one-third milk and one-third foam. The long standing traditional formula of a 150-175ml cappuccino is with a single shot of espresso in the ratio of 1:2:2. This is widely served in Italy and parts of Europe, and when well made can be very delicious - combining a rich dense layer of creamy foam with sweet warming milk and a well brewed espresso. The taste is enhanced when drank lukewarm as the cappuccino will be sweeter.
In Italy the cappuccino is traditionally only consumed in the morning, then drinking espresso for the rest of the day - this reduces the gastric stress as many Italians are lactose intolerent.