3.9 isn't based off the 3800. The 3.9 is all aluminum 60 degree (i think) DOHC engine. It is MUCH lighter, is more effecient with gas, and has more power then an L67, while sharing parts with the rest of the V6'* GM produces.

They never got rid of the Corvette, infact it wasn't even a full year. They just decided not to make any for a few months.

But i've never liked names for cars that weren't names. Atleast BMW has the "3 series" etc.