Although it's been understood that title has something to do with your commonly known reputation, it's never actually been defined. It's just a game mechanic that's been kept unmodified since the days of Merc and Diku. Because you can claim anything with a title right now, they are effectively meaningless.
The point of the idea is to give titles a chance of being meaningful by actually enforcing that definition of being commonly known reputation. You wouldn't be allowed the title "High Priest of Mira" because everyone has heard of the High Priest of Mira and knows that it isn't you. Similarly with quests that provide titles, these would be the results of great deeds whose tale has been spread throughout the common folk.
I mean if you see someone on the who list like:
Quote:
Destiver the Slayer of 1000 Orcs
don't you think it woud be cool that meant he actually slew 1000 orcs?
And I say again, this idea doesn't restrict you from other custom titles. Even though I've never been a fan of custom titles, I've never removed them because players do seem to like them.
It just keeps you from claiming things that the general populace "knows" is not true.