LOL at "Space Orange". Seriously, are they even trying any more in the marketing department at Apple?
I have that band and the naming is actually correct. It simply mixes orange with dark grey but that gives you the name Dark Orange and that is most definitely not the colour of this band (it's bright orange with dark grey threads woven through it). Since Apple uses "Space Grey" for their dark grey products the name "Space Orange" reflects the actual colour much better. The thing that doesn't make much sense is the "/Anthracite" part of the name until you flip the band (the overall colour is now dark grey (or anthracite) with hints of orange).
I find the name "Toasted Coffee/Caramel" more difficult because toasted coffee differs greatly in colour (it depends on the kind of toasting and how long). There was a post from someone who bought it and found this one to be a light kind of brown. Looks like it is more caramel than toasted coffee.
You really need to see them in person. The pictures on the Apple site don't always resemble the actual colours that very well.