I was hoping that there were more parallelism here, because for:
var Todo = can.Construct({});
var observable = new can.Observe({name: "peter"});
Now Todo "Can Construct".
But observable "Cannot Observe" from the statements above.
It "Can Be Observed", but it "Cannot Observe"
So that's why I think it makes more sense if it is
var observable = new can.BeObserved({name: "peter"});
or
var observable = new can.Notify({name: "peter"});