Editorial Anonymous had good advice on the topic:
I’m wondering if it’s important to have a super great title for my manuscript when I submit it to the slush pile. Should I spend a great deal of time and energy to get it just right, or do the majority of titles get changed along the
way anyway?
Great title:
Ooo, that’s catchy. Maybe the editor will take a little peek right now, instead of days or weeks from now.
OK title:
Manuscript gets in line. No special treatment.
Bad/cliched title:
Without realizing it, the editor keeps sifting manuscript to the bottom of the pile. Months go by. Eventually, editor reads it and maybe realizes it’s great! It just needs a new title. No problem.
Horrifying title:
No answer because the editor didn’t want to touch the manuscript long enough to reject it.
(Shameless plug: On May 11, 2010, our Professional Series Meeting mini session is: HELP! I DON’T KNOW WHAT TO CALL THIS! — HOW TO FIND THE PERFECT TITLE with Lenae Nofzinger.)