How should parents choose names for their children?

My family often uses family names when naming children. Many of my childhood friends had names taken from the Bible in combination with family names. Before I developed philosophical values, I did that with my child. So my daughter has the same middle name as me and my mother -- partly because I liked this tradition and partly because I liked the name and it flowed well. When I have another child, the future father wishes to give his son his name. I can understand using names from from the family line if they inspire you, or choosing a name based on personal meaning (e.g. using "Midas" from Atlas Shrugged). However, naming the child after the parent appears almost collectivist in nature: it seems that such might subtly influence the child to try to be more like his namesake. Is that a problem? Shouldn't parents give their children more unique names, so that the child can give that his own meaning, rather than being influenced by outside sources? More generally, what should parents consider in choosing names for their children?