I, personally, am a huge fan of titles and special long descriptions. Having CF'd for over.....(oh, god...) 25 years, I agree about the awesomeness seeing these things on characters. They are among my favorite rewards to hand out.

However, I also don't want to hand them out so much that they lose the "Wow!" factor. If everyone has one, it loses the specialness and uniqueness. With that in mind, I do tend to feel like the "add-on" titles are a nice lesser reward for them. I like adding little bits to the end, particularly setting them temporarily. It adds some uniqueness, but still leaves the full-on renamed title for uber-cool stuff (usually when a character has become truly prominent).

So yeah. I love titles and such. Extitles, to me, are more "pat on the back" rewards or temporary for an interaction. Permenantly replaced titles (to me) are for when a character is famous within the CF world. Unique room description are for uber-badasses.