While I'm sure coming up with extravagent and original (sorta) names is all well and fine, the crux of it is that these are supposed to be us in the game (that's the basis of role playing). So I do typically end up trying to have a character that resembles me as closely as possible named Hiroshi.
Of course, I also create other characters based around people I've written about or feel fit the bill. I rather like the name Rune, for instance, as a male mage with long hair (usually blue, see if you can guess the reference). However, I also enjoy coming up with interesting female characters, cause I've role-played them, as well.
Might have someone named Kyra or Thorn. Or possibly Eleanor, if I can remember how I usually spell it.
I dunno.. I went through the phase of trying to rename absolutely everyone when I was young, and that got old kinda fast. Now I just try and single out one character or two that I really like and flesh them out more. Although, I'm still wondering where the hell I got "Winlas" from for a monk in my recent new FF1 file on the GBA...