The online OED defines "epithet" as I'd understood it to mean:
noun
* an adjective or phrase expressing a quality or attribute regarded as characteristic of the person or thing mentioned: old men are often unfairly awarded the epithet ‘dirty’
* an epithet used as a term of abuse: the woman begins to hurl racial epithets at them
dictionary.com goes further:
noun
1. any word or phrase applied to a person or thing to describe an actual or attributed quality: “Richard the Lion-Hearted” is an epithet of Richard I.
2. a characterizing word or phrase firmly associated with a person or thing and often used in place of an actual name, title, or the like, as “man's best friend” for “dog.”
3. a word, phrase, or expression used invectively as a term of abuse or contempt, to express hostility, etc.
Seems it can be both well-intended or an insult.
Meanwhile -
Cornflake the Crisp.
Lord Flake, esq, Cereal of this Parish.
IRL I'm afraid it was... "Brains". Oh, how we laughed. 
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Giraffe: a ruminant with a view.