I believe in classic or biblical names as well - preferably names that can have more than one nickname, so that if the child gets older and doesn't like the name, he or she has a couple of options - example, Elizabeth for a girl could be "Liz", "Beth", "Liza", etc.
When I was 10 or 12, my brother and I were talking with my mother about her first grandkids-to-be (likely to be courtesy of our older sister). She said she had a childhood playmate who went by "Lizzie," and she always remembered what a slob the kid was. She vowed never to allow any of her grandkids to have that nickname.
As fate would have it, her first grandkid (my first niece) got named Lizabeth. Fortunately, her nickname is "Beth." <)B^).
Since my sister married a man with English ancestors and a very formal English surname, the kids ended up with a mixture of actual family tree names or veddy English ones: Lizabeth Arlyn ('Beth'), Agnes Lord ('Lori'), Franklin Dexter ('Corky'), Geoffrey Byron ('Geoff'), and David (umm, 'David'). I think we can be forgiven for using invariably their nicknames.