Personally I love placenames and I have studied mainly English names which I find very interesting. I am personally somewhat tired of all these fantasy-style names although I found that fantasy name generator intriguing. I am very much on Tolkien's side, that a name should not be given randomly. All geographical have some kind of history and usually on a very local level. A name like Oxford is comparatively clear and means just that 'ford used by oxen'; Use your imagination and make up a little story about the place you want to name, even if it's just the name of the man (or woman) who lived there.
All this said, I should add that my fantasy world is probably more modern than most fantasy world.