I always wanted a feature so that when some lucky bastard manages to slay me I left behind "Jona's Spamstick of DOOM."
The question is does this auction only 'engrave' your weapon for a short period of time, i.e. 60 days like a banner auction? It would be nice if it was a permanent addition, attached to that weapon (and when sold/traded the buyer could choose to erase the engraving*). Perhaps it can only engrave +3 items? At the very least, to avoid more immature names, it would be a cool addition if it just said "[Owner]'s [Item name]". It would also be a neat little addition so that when someone is using one of the 10 nearly identical 1handers you can wander across the battlefield and find out what weapon they have been using very easily... since honestly the only time I ever stop to pick up a weapon is when I happen to run past it. I don't make a habbit of looting fresh corpses... gotta at least wait til the body is cold (and disappeared). Would also help noobs who don't have the ability to recognize weapons based on their appearance. Instead of the hundred times I've been asked by noobs "Jona what weapon are you using?" they could wander past one of my unmarked gravesites and see exactly what it was I had been using. (Sure, they could just as easily kill me and wait to see what I drop, but where is the fun in that?)
*I guess it would also make sense to allow the owner to "scratch out engraving" at any time... a permanent decision that makes them buy a new auction if they want to change the name of the weapon.