In fact, I think Blizzard has dropped the ball on titles completely. While they promised us lots of new mounts and tabards and have more or less delivered on those, where are the titles? That seems like the easiest thing to implement, and yet the only new titles I can think of are from PvP (doesn't the Skyguard confer a title as well, or am I imaging that?).
So why doesn't Blizzard get creative with titles? Every faction should have a title that goes with it, and conquering raid instances should grant titles as well ("Gruul the Dragonkiller Killer"). I'd even like to see titles for less than heroic events-- falling to your death a certain number of times should grant you a title ("Heir of Icarus"?), or even deserting a battleground a certain number of times. There are tons and tons of fun titles that Blizzard could give out, and it would add a whole new and easily implemented element to the game. There's no reason to force titles on anyone, but the way things are implemented now, people can choose to carry around any title they want (or none at all). Why didn't Blizzard go crazy with putting a ton of creative titles into the game?
As far as I'm concerned, Blizzard just plain dropped the ball here. Sure, maybe they're a little leery about bringing the old PvP ranks back so soon, but they put that title system into the game for a reason, Drysc-- use it!