The sound in Portuguese is something like "La" from Laredo and "Tam" from Tampa.
I was wondering about the pronunciation, too!
It doesn't exactly roll off the tongue.
I would have preferred it if they just called the whole airline "LAN," but they didn't ask me. I'm glad the US airlines didn't feel the need to become ContinentalUnited or NorthwestDelta or USAmerican.
It seems like the changes don't hit until 2016. I guess I'll enjoy my last LAN flights this fall.