I had to look up to see if there was something about using lateral and I read the official term should be 'backward' pass. Is this what you are referring to? I still think lateral pass is a good term because that would describe a pass that is literally 'lateral' or behind the passer. But I'll use backwards pass from now if that's what we should use.
I think lateral used be used informally, or when discussing with others who don't know/realize that it's not a term defined in the rulebook. Its use is pervasive, will never go away, and all we will do is confuse people who can't compute that when we would say backward pass, we mean (in their vernacular) lateral. (Whether or not someone could tell you the difference between a lateral and a backwards pass, would be interesting to see what those not versed in the rule book would say.)
IMO here, and other 'formal' usages (such as on the field) we should use the correct terminology from the rule book.