Yes, DD is named after my Mum (first name, with an 'a' added on the end, to make it her own, a bit - my Mum died before I got together with DH), and DH's Mum (middle name).
I am named similarly - my first name is after my Dad's Mum (who died when he was a teenager), and my middle name after my Mum's Mum.
My name was so completely out of fashion when I was given it in the early 70s. My parents worried it was a real mistake, and figured I could always use my middle name, if I really hated it.
I didn't like it all that much when I was growing up, but I love it now. And enough time has now elapsed, that it (and its variations) are one of the most popular girls' names. I like having a 'fresh' sounding name as an adult.
I also love being named after my grandmothers that I never met. I find it incredibly special - gutted that I never got to meet those women, and this is such a special way to be connected to them.