In Sweden it's pronounced LO-veh, and Swedish people don't relate to the English word "love" when they hear the name, because it is pronounced completly differently. And the Swedish word for love doesn't even sound like the English. It's "kärlek". (And I think love is a lovely name in Swedish).
Many years ago I apparently described the pronunciation of Love as "LO-vuh." Please ignore that! I don't even know how I got it that way. Love is pronounce LOO-veh.