I agree with the budo/bujutsu thing. Although I expect many jutsu named arts might better be labeled do arts if we wanted to be consistent.
On related note, I wonder why asian arts are always labeled martial arts and western ones often called sports. I can't think of a single good reason to call kendo and judo martial arts while calling fencing and olympic wrestling something else.
For the record, martial means "of war" and is derived from the name Mars, the roman god of war.