It's not a bad thing at all. Flickr works because it is still pronounced Flicker. Personally anything with -ly irks me the wrong way and it feels like a branding cop-out at times. Just imagine if Google was called Searchly or if Basecamp was named Managely. From a branding perspective in 5-10 years time adding -ly will look dated. You'll think back to web 2.0 as if you were looking at a geocities page (or worse Homestead). Not to say this project should be aware of its branding at all.
I have to say Improvely looks solid by the way.