Presumably some odd programmer's humour. No idea what it could be an acronym for, but it might be interesting to find out. Otherwise it could be a parsing error of course.
All part of the great new direction Adobe products are moving in.
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For anyone who encounters this error in the future:
The solution is ensure that your JPEGS are in RGB, having CMYK will force this error when trying to import into AE
Yup, for me this was CMYK issue. I mean seriously, it was photoshop I was saving the images in, so how Adobe can't get a more helpful error message or even convert the colour space automatically is beyond me.