Well, you have to give the namers credit for honesty; it's definitely golden, and evocative of spiders. Whether or not it's elegant is subject to personal taste, I suppose, but the name works for me. And the flower does too, though the flowers with long, narrow petals like this only look good to me if there are many of them at once. Just one or two is a little sparse.
I've heard that some of these types, Brassias, Degarmoaras, Miltassias, etc., may be a little easier to grow than some of the others, but I don't actually know anybody personally who's tried them -- that impression is based off of research I did for someone a long time ago who'd received a Miltassia (I think) as a gift. True? Not true? Depends?