My best friend and her husband went through that with their first son. It was back and forth for the better part of nine months. For every perfectly nice, normal name she suggested, he'd come up with something completely out of left field. They still hadn't decided when the kid was born. Then they just looked at him and thought that a particular name just fit.
So this time they're not even bothering arguing, and they won't tell anyone what the contenders are.
On the other hand, my nephew was named by his father while my sister was still all drugged up from the C-section. She could hear him telling the nurse a name she absolutely hated, but she was too stoned to say anything! And by the time she woke up, it was too late.
So, I think some consensus is important. But in the end, you could stress about a name for months, and then the kid might just not seem like a Nigel, or whatever.