We've been calling them modules, but I'm not certain that's what we'll end up with.

Also, there's a reason the description is a bit fuzzy on the WebAssembly landing page. It's not just a binary format (in fact, we didn't have a binary format for a while after we started). I like to think that it's a specification of execution semantics that can be expressed in many different formats (text, binary, AST, etc.). Not sure that's the easiest way to explain it though.