Thanks everybody for sharing your thoughts on this subject. I had the idea that this "convention" came from some other lisp dialect. Apparently not.
I disagree with Lee's comment about migrating. If you have to port a lisp routine to, let's say, some C-language, the variable names would be the least of your worries. Your biggest problem would be translating all the LISt Processing
. But I know very, very little about C-languages.
As far as aesthetics are concerned, I only object to code that goes for a "kelvinated" look:
(defun c:XYZ ( / A B C D E F G H)
....
I agree with CAB and Aerdvark and try to use short but clear names. In Aerdvark's example: OldSystemVariables or OSV, I would use oldSysVars.
<EDIT: typo>