I think freshmeat/freecode used to serve a niche that has now been filled by the open source community and the web itself. When announcements for new code releases used to happen on mailing lists and download links used to be tarballs, it was relevant to have a feed to notify you of new releases.
Now, new code releases happen at places like github, google code, and bitbucket, and the releases are almost immediately pushed upstream to package maintainers / repositories, blogs, twitter accounts, etc. Therefore, rather than a rebrand, I think what they really need to do is accept that their time is no longer here and go for a deadpool. Hard pill to swallow, perhaps, but probably the best medicine.