Definitely a cool honor.
I'd be less in favor of Red Square, though. Too communist. 
Oh come on Roy, Americans have always been able to look past little things such as communism.

But seriously, I also like that Red's Statue (and Larry's shoes for that matter) is over at Fanueil Hall. It shows that what he did transcended the sports world and he is in fact an important part of Boston history, not just Celtics and NBA history.
Now continuing on what to call the concourse at the Garden, I still think we should call it something that people will use. If it's named after him and its never used, it is almost a meaningless gesture. Any ideas on what to call it?
And while we are on this topic, I think its about time we honor Bill Russell in this city. I know there has been tension on both sides in the past, but I think the city has fully come to appreciate him and vice versa. It would be a shame if we waited until he passed.