From a consumers point of view I wouldn't bother with anything than a first name. Whenever I see first and last names on a website it usually makes me chuckle, as it's mostly too obvious that they are made up (which some may like of course) and many are downright silly.

When it comes to bios and stories I'm just too realistic to believe anything of it so they don't hold any value for me. Some good stories of the models can be entertaining though. Especially when a model is described as a grade A student and you actually happen to know that the poor guy is nothing more than a lost druggie who just came in to grab a few bucks for his next shot.

From a business point of view I totally agree with Tim460. When you're writing some text for blogs it's very helpful when you get at least some who is who. Just writing about the blond guy who fucks the brown haired lad makes it not only difficult but it also sounds odd. If the site doesn't provide some story text it's much easier to create one if you have names.

I also think it's better for a potential customer who likes a model and wants to see more, if he already has a name to look for. Like: "Hey, now that I've signed up, where is Jim?" instead of "Damned, where do I find that brown haired guy with the big dick?"