diff --git a/Library/Contributions/manpages/brew.1.md b/Library/Contributions/manpages/brew.1.md
index 644fe99c98..e27fa8f275 100644
--- a/Library/Contributions/manpages/brew.1.md
+++ b/Library/Contributions/manpages/brew.1.md
@@ -98,14 +98,15 @@ Note that these flags should only appear after a command.
 
     If `--installed` is passed, show dependencies for all installed formulae.
 
-  * `diy [--set-name <name>] [--set-version <version>]`:
+  * `diy [--name=<name>] [--version=<version>]`:
     Automatically determine the installation prefix for non-Homebrew software.
 
     Using the output from this command, you can install your own software into
     the Cellar and then link it into Homebrew's prefix with `brew link`.
 
-    The options `--set-name` and `--set-version` each take an argument and allow
-    you to explicitly set the name and version of the package you are installing.
+    The options `--name=<name>` and `--version=<version>` each take an argument
+    and allow you to explicitly set the name and version of the package you are
+    installing.
 
   * `doctor`:
     Check your system for potential problems. Doctor exits with a non-zero status
diff --git a/Library/Homebrew/cmd/diy.rb b/Library/Homebrew/cmd/diy.rb
index 174626afcc..fa1822c0e0 100644
--- a/Library/Homebrew/cmd/diy.rb
+++ b/Library/Homebrew/cmd/diy.rb
@@ -1,31 +1,35 @@
 module Homebrew extend self
   def diy
+    %w[name version].each do |opt|
+      if ARGV.include? "--set-#{opt}"
+        opoo "--set-#{opt} is deprecated, please use --#{opt}=<#{opt}> instead"
+      end
+    end
+
     path = Pathname.getwd
 
-    version = if ARGV.include? '--set-version'
+    version = ARGV.value "version"
+    version ||= if ARGV.include? "--set-version"
       ARGV.next
     elsif path.version.to_s.empty?
-      raise "Couldn't determine version, try --set-version"
+      raise "Couldn't determine version, set it with --version=<version>"
     else
       path.version
     end
 
-    name = if ARGV.include? '--set-name'
+    name = ARGV.value "name"
+    name ||= if ARGV.include? "--set-name"
       ARGV.next
     else
-      path.basename.to_s =~ /(.*?)-?#{version}/
-      if $1.to_s.empty?
-        path.basename
-      else
-        $1
-      end
+      basename = path.basename.to_s
+      basename[/(.*?)-?#{Regexp.escape(version)}/, 1] || basename
     end
 
     prefix = HOMEBREW_CELLAR/name/version
 
-    if File.file? 'CMakeLists.txt'
+    if File.file? "CMakeLists.txt"
       puts "-DCMAKE_INSTALL_PREFIX=#{prefix}"
-    elsif File.file? 'Makefile.am'
+    elsif File.file? "Makefile.am"
       puts "--prefix=#{prefix}"
     else
       raise "Couldn't determine build system"
diff --git a/share/man/man1/brew.1 b/share/man/man1/brew.1
index d933446691..f0fa7736f5 100644
--- a/share/man/man1/brew.1
+++ b/share/man/man1/brew.1
@@ -110,14 +110,14 @@ If \fB\-\-all\fR is passed, show dependencies for all formulae\.
 If \fB\-\-installed\fR is passed, show dependencies for all installed formulae\.
 .
 .TP
-\fBdiy [\-\-set\-name <name>] [\-\-set\-version <version>]\fR
+\fBdiy [\-\-name=<name>] [\-\-version=<version>]\fR
 Automatically determine the installation prefix for non\-Homebrew software\.
 .
 .IP
 Using the output from this command, you can install your own software into the Cellar and then link it into Homebrew\'s prefix with \fBbrew link\fR\.
 .
 .IP
-The options \fB\-\-set\-name\fR and \fB\-\-set\-version\fR each take an argument and allow you to explicitly set the name and version of the package you are installing\.
+The options \fB\-\-name=<name>\fR and \fB\-\-version=<version>\fR each take an argument and allow you to explicitly set the name and version of the package you are installing\.
 .
 .TP
 \fBdoctor\fR