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Never really even considered an alternative pronunciation. Fog Creek Software is located in NY so I'm going to guess a straightforward American-English pronunciation.

I've always said it like "Mellow", "Yellow", "Jello", "Hello", etc.

bello, bellow, belo, cello, celo, delo, fellow, kellow, mello, mellow, melo, pellow, quello, stello, strehlow, strelow, tello, velo, yellow

I came up with all of these from the web without any help.

"Tréllo" it sounds little italian to me :)

Exactly, like limoncello

It rhymes with fellow, bellow, mellow.

Hello Trello . . .

Yello.

Trello rhymes with . .?