I usually go with fairly un-original, or puny name that allow my online persona to be easily recognizable:
Frag, Fragalicious, Fragazon, Fragamancer, Fraggle_Rock, etc...
My penchant for alts and adding an "a" between "Frag" and "<bastardization of classname>" actually has coined me another name, Fraga, to a few friends!
A role-player at heart, I do on occasion make names that are more personalized to my toon. Those characters, interestingly enough, are typically more endearing to myself and played more often.
Cheers to nomenclature!