How to change the instance name in SQL Server? Not that simple, Dude!

Problem: 

I noticed that I have named my SQL Server 2008 instance as SQL20008 (a typo with an extra 0). So obviously, it makes sense to rename the instance to SQL2008.

Solution:

Step 1: I thought about it for a while, no ideas came up to my mind.
Step 2: Googled and found these pages

http://social.msdn.microsoft.com/Forums/sqlserver/en-US/c07ab906-dabf-4303-9737-d430d82c4f42/how-to-rename-instance-of-sql-server-2008-r2?forum=sqltools

http://www.sqlservercentral.com/Forums/Topic162137-5-1.aspx

So it appears that there is no easy way to change the instance name (not the server name or machine name).

Step 3. Then I thought I may make it work to change the the installation directories and relevant regedits. Oh, man...not a good option: time-consuming and still not working.

Step 4. Finally, I change the egedits back and do a clean SQL Server uninstall/re-install. Perfect!

So be careful to name your instance. If you have messed up, no easy fix, uninstall/re-installation appears to be the optimal option at present.