Quite agree - it's now 'two guys who used to be in Queen, with the guy who used to be in Free', but that is a bit long-winded for a band name!
I tend to vary on what actually constitutes a 'band' - as Michael Stipe said when Bill Berry left REM - a dog with three legs is still a dog.
The Stones have undergone a number of changes, but as long as the triumverate of cool - Charlie,Keef and Mick (in that order!) are there, all is well.
Some bands, like Doctor Feelgood, continue with no original members at all, but I guess the continuity of people coming and going keeps the whole thing going.
I do think May and Taylor should knock it on the head, or call the band something new - calling it Queen is really not appropriate.
I suppose when you have that much money, you can jolly well please yourself!