I'd prefer an random name generator based on a weight-scoring system.
For example, if the weighted-score of a discovered system comes out to one that is rich in minerals, it could be automatically generated to one of the following:
Franklin Shaw's Prospect
or rich in Ice
Franklin Shaw's Ice Belt
or ELW's
Franklin Shaw's Garden Worlds
or whatever.
( Franklin Shaw is the name of my Cmdr )
It's a big problem for me when players get the chance to name things themselves, because inevitably, they don't take it seriously and oft times have the maturity of a bag of fresh grapes and think they're being clever or funny when they aren't.
To put a little perspective on my position, it bothers me quite a bit when playing World of Warcraft and I see Death Knight players running around with the names "xXArfusDefNiteXx", or when I'm flying around in ED and I see "Cmdr Cheese Cake" or "Cmdr Wafflebug" .. a lack of imagination is an affront to the human existence.