Well this is coming from someone who named her first son Theodore Charles after my husband's cherished great-grandfather and my grandfather and her second son Gary (ack! we call him by his middle name, Alexander) after her father-in-law. I don't know why, but it seemed special to name them after people we love and admire. I did get to pick the third name and went with the old fashioned theme, we named him Henry.
My middle name is Elizabeth, after my aunt, who is named after her aunt. So I always liked that. My husband's middle name is also his grandfather's. I think it is special.