This should probably be moved to the IFTTT category now...
OK - after a little debugging I think I have narrowed this down a bit.
First, it appears that the IFTTT interface does not persist the selection of device on monitor event or device and function on a call function. The recipe will work but if you come back and edit the recipe it always shows that the first item in the dropdown list is selected.
Second, it appress that when I went around and removed power and then reapplied power to all my devices, the names then appeared correct in IFTTT.
I now know my work around but it would be great if this could be fixed in the IFTTT integration.