As a little vanity feature, custom titles are a great way to further emphasize what sort of gameplay you tend to lean towards, as well as highlight some over-the-top feats you may have performed. Fighting games have them. CoD has them, and they're fun little unlocks that really extend gameplay.
I think it would be interesting to have specialization titles. Say if you've mastered (or invested a large percentage of certs in) a class or vehicle, you should unlock a special title. Maybe even scaling titles? ESF pilots for instance could progress from Wingman->Flyboy->Dogfighter. Obviously someone more creative than I would come up with the titles. It adds a simple to implement reward for players who dedicate their time to a particular role and indicates to others that they are experienced in those roles.
Maybe add titles for completions in certain trees? Only issue I can see with that is a large percentage of class tree unlocks are weapons and mods you might never use. That and suit unlocks, which again, seems redundant.
I think it would be cool if once you shoot down so many planes you get to add your own call sign, like "Maverick" or "Iceman".
While I don't like the mention of CoD... Totally agree. Things like: Capturing a continent, unlocking an entire class/vehicle skill tree, 'X' amount of kills against 'X' unit, going on a mad killstreak (could be multiple tiers to this one), 'X' hours of gameplay - the possibilities are almost endless. The current title system is very plain.