I quote this article:

 

http://coldplaying.com/index.php?name=News&file=article&sid=7642

 

 

"Pressed about the title, Mr. Martin described a kind of mythical character signifying the wonder of artistic inspiration.

 

“Music comes from a place we don’t know,” he said. “It sort of comes through the fingers and toes. So we came up with the idea of, what if you had musical digits, like xylo toes.” He shook his head, irritated that he gave up the secret so easily.

 

And what about “Mylo”?

 

“It’s just a great name,” he said. “For anything.”"

 

 

 

Essentially Mylo Xyloto is a person, a mythical character (likely the fuzzy man) who feels/creates the pulse of music through his fingers and toes (his Xylo-toes). So he's Mylo Xyloto! :D

Interesting article. Thanks for posting.