Bye bye Apostrophe?

According to this article from the Associated Press, one city in England is doing away with apostrophes on their street signs!  Now, I am a bit torn on the issue.  Apostrophes are obviously important in grammar.  But the streets they denote today no longer “belong” to those they are named after, if they even did in the first place.  So are they really showing ownership/possession, or are they just there because we are used to them?

However, I do think that if they drop the apostrophes they also need to drop the “s” at the end of each word, too.  Otherwise, they are just pluralizing everything!