I wouldn't mind titles. I would prefer them based off of skills for the most part. For example, in Entropia Universe each level of skill has a title that you can display for yourself. Even if it is something like "Apprentice Swordsmith" people know. You can then pick and choose from the acquired titles to display whichever you were most proud of.
I also wouldn't mind seeing a few rare titles that actually mean something for the character and/or npc relations. They would of course be hard to obtain or only a limited amount of people could obtain them.
Having titles for kills and general combat is a nice idea, and as long as they don't give you bonuses, I don't see a problem with them. If someone wants to grind all day long for a title, or piece of visual flair, so be it. It's not like it would be giving them an advantage for 'abusing the system'.
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