In the field of genome assemblies in biology (the problem being reconstructing the genome from many, short random pieces of it, where a genome is one or more long strings of a limited alphabet), there is a metric called 'N50' for a set of strings (pieces of DNA sequence). The N50 length is defined as 'the length of the string for which 50% of all characters are in strings of that length or longer'. See for example http://seqanswers.com/forums/showthread.php?t=2332.
I have sometimes seen this metric referred to as the 'length weighted median'. Is this correct?