Radio playlist does make sense now I know what it is and that it's not for internet radio.
How about something along the lines of
Cyclic Auto-Playlist
Auta-Rota Playlists
Clockwork Playlists
Perpetual Playlist
Playlist Routine
Something that makes a new user (or an 'old' user, like myself' that makes assumptions without checking first)
wonder what the feature is and looks at it, rather than incorrectly dismissing it as something else entirely and
missing out on an absolutely awesome feature...
