I try to be creative with my names. I name my character and rival character after the element Pokemon I'm going to choose (and subsequently which Pokemon my rival will choose).
Boy: Blaze (Fire), Rayne (Water), Thorne (Grass)
Girl: Fiona (Fire), Chelsea (Water), Rose (Grass)
As you can see, I'm generally more creative with female names.
Now with my Pokemon I usually name them after either their element (like the male names above) or after an object having to do with the element (such as Sean for a Water-type). I may also name them after someone famous that has to with either the type or animal (or object) it is based on (for instance, I generally name my Geodude "Balboa", after ROCKY Balboa). My Feraligatr is named Steve, after Steve Irwin (R.I.P.). Oh, yes, I try to give them actual names, not like "Thunder" or "AMAZING!"
I generally just rename legendaries to their own names, but uncapitalizing all letters that need to be.
Yeah...I usually take a few minutes to try to think of a good name for my Pokemon.
Call me crazy if you must, but that's why my screenname is what it is.