I don't know about anyone else but I always turn off floating names above characters cause it just crowds the screen and looks messy making it hard to see what is going on specially when in large groups like in a raid. Now with the sheer amount of pets that some characters can have... Well, you see what I mean.
The "Hide Other Pet Names" in options I assume would hide them, but currently it does nothing. I've enabled it and disabled it many times with no apparent effect that I can detect. As such I assume that the function is broken, not a game changer but would make sense if this was fixed so that particular option does actually do something.