The rendering is an incorrect one. The translation errors have been noted Jerome's rendering. It's lead to a lot of bad theology.
It should read, "Greetings, you favored with grace."
This is not a title no matter how much the catholic wants it to be.
No one disagrees on the uniqueness of this situation. Only one woman was going to be the mother of Jesus. This does not render this as a title.
Mary is blessed among women. Why? She's been selected to give birth to the Messiah.
This does not mean Mary was the holiest of the saints. The catholic is practicing eisiegeis in this event.
ealgeone:
The rendering is not an incorrect one, it is only incorrect to Protestant translators. the word Charis is greek for Grace, So the translation by Jerome Hail full of Grace is accurate, it actually is inaccurate only in the sense that it does not go far enough.
http://www.ewtn.com/v/experts/showmessage.asp?number=288189&Pg=&Pgnu=&recnu=to