Yes, our new profiles are named Adobe Standard beta 1. Let's say you have two cameras, an Olympus SP500UZ (which you named) and another one, like a Nikon D70. If you select an Olympus image in LR, you will see an Adobe Standard beta 1 profile for it. If you select a Nikon image in LR, you will also see an Adobe Standard beta 1 profile listed in the profile popup menu. Even though these appear to have the same name, they are actually 2 different profiles.
We deliberately don't include the camera name as part of the profile name. It would be redundant because CR/LR only show you the profiles specific to your camera, anyways.
Hope this is clear.