Is there a way to rename an Xcode 4 scheme?

Question

You need to click on the scheme button, then hit "Manage Schemes". Once you do so, you'll have a window like this:

Select the scheme you want to change, and hit Return.

Now the scheme name will be editable, and you can change it to your hearts desire. Then hit Return again to save it.

A slow double click also does the job.

Click once to select it. Then again click on selected title to get to edit mode.