The Bluetooth Special Interest Group (SIG) has announced in a press release (via MacRumors) that  ‘Bluetooth 4.0’  will now be branded as “Bluetooth Smart Ready” and “Bluetooth Smart” to create “awareness around compatibility for new devices” (such as the iPhone 4S) that support the standard.

The press release explains:

So in other words, the “Bluetooth Smart Ready” trademark signifies a device such as the iPhone 4S, that is ready to interact with “Bluetooth Smart” peripherals such as a heart-rate monitor or smart watch. CMO of Bluetooth Special Interest Group Suke Jawanda explains further:

Hopefully this effort to “create consumer awareness” will encourage more manufacturers into adopting the standard for peripherals and accessories that aren’t currently taking full advantage of the 4S’s Bluetooth 4.0 capabilities