Obviously, this is stupid on so many levels.
Aside for the obvious (going from an awesome name to a terrible name), it would seem that Oscar Mayer is attempting to punch way above their weight class here.
Oscar Mayer made their fortune on the Wiener. A terrible chicken/turkey dog for kids. People buy it because it has great marketing (like, um, the Wienermobile), and they don't really care that they could get a crappy Gwaltney or Bar-S dog for a lot less money.
So, they want to be a player in the beef dog game (I'm sorry, beef frank). I'm not sure how they pull this off. Generally, people that buy all beef dogs care about how they taste. That's never been Oscar Mayer's strong suit.
But I guess they marketed their way into a successful overpriced chicken dog, so what do I know. Hard to see it working though.