I've actually been saying it as "EYE-buh-nez" for years. No one I've conversed with personally ever questioned it, and I can't recall ever hearing the name stated by Vai or Satch. I've read it, but haven't heard them. Since I don't watch Ibby-related gear review vids, I don't know how the masses say it.
As for my sad tale of misery, back in '93 I bought this awesome shredstick - RG350EX in a beautiful Lazer Blue. HSH, double-locking trem, 24 frets, binding on the board, sharktooth inlays, speedy-fast neck, all-access neck joint - best guitar I'd owned up to that point. Wrote many a song with it that I still get compliments on today. Stock pickups sounded great for everything.
5 years later, I needed to replace the trem because the knife edges were dying - wouldn't stay in tune after deep dives, and pulling back on it to fix it was getting to where it worked less and less.
So, I returned to the dealer I had purchased the guitar from to order a new trem.
Ebay was nowhere near the parts resource it is today, and I could not find these trems through StewMac, AllParts, or Warmoth - the only places I knew of at the time (and even Warmoth didn't have a useable site at the time). Ibby had a "hi and welcome to our site" and catalog page only.
3 months later, feeling highly insulted that a customer with cash-in-hand was being spit on, I got tired of waiting for the trem and traded the guitar even-Steven to another shop for a barely-used Jackson KE3, and that was it for me. I even sold my Ibby acoustic (which kicked all manner of ass IMO) and bought a Takamine G330S just to rid myself of Ibanez products. I gave a great Ibanez LA Metal pedal to my bass player just to further be rid of Ibanez-branding. If I ever find my Ibanez Rock-and-Play from the 80s, it's going under a hammer.
The day after I traded the guitar off, the dealer calls and says my trem finally came. I laughed and told him to send it back because Ibenhad lost a customer.
Had I been Steve Vai and needed a new trem, they would have flown it to me with 2 techs to install it and a hooker to entertain me while I waited, entirely on their dime, but a customer with cash-in-hand may as well have been a beggar in the street. I had planned to buy a 2nd Ibby from the same dealer once I got the money so I'd have a backup, but times being what they were I couldn't swing it just then, and the replacement trem would have been enough to get me there.
So I can say "I been had" by Ibenhad, but they won't get me again. They make quality gear, even in the lower price ranges, and I loved their miniature acoustic that sounded like a full-sized acoustic, and their 7-string neck was the most comfortable I've tried between them, an LTD, and a Jackson DR7, and I'd love to have an original JEM777 from the 80s in Ow-My-Eyes Pink or Floral, but I'll not buy another item with an Ibanez logo on it, and will steer people away from them every chance I get for as long as I live.