That's pretty cool. Settling on a name on the first go rocks.
I guess it doesn't matter too much. I hardly ever think too much about band names. Sometimes I might notice ones that seem bad, but for the most part, I just accept them without thinking about them.
I think some of the bad ones include Red Hot Chilli Peppers, Megadeth (so cheesy), Metallica (same reason) Manowar (this speaks for itself

) and there are too many bands with an X as the suffix (although Symphony X is a bloody good name).
It has taken ages for my band to grab a name. We used LAPD as a working title, only 'cause it was the first 4 members' christian name initials.
We couldn't stick with it, though, 'cause
1) It's pretty damn bad
2) There's already a South American combo called it
3) I don't think our singer would be happy to be left out. lol
Getting a name that we all liked proved so difficult that me and the drummer just took ourselves out of the running. We've just decided to go along with whatever was suggested by the others.
We've got a name now, but we're waiting to produce our first cd before using it (although I reckon it's already been used by someone else. it sounds such an obvious name).
I did have a link to a site called "The Canonical List of Weird Band Names", but I can't find it. Some of the things people decide to call their bands is very weird.