@Renee it still works but it's been moved to shop section so now you'll have purchase it with Forum credits.
I don't have any problem with that expect that for some weird reason we can only purchase custom titles once:
Why's that?
I guess that it's meant to prevent members from changing it all the time and devaluing it in the process which is fair, but there are other ways to prevent that from happening:
By making it more expensive: If members really post that much that they can afford to spend 2k-3k-5k credits every week to change it, then by all means go for it. As Forum is right now that'd prove very difficult and if someone sets out to do it it'd still bring more positives than negatives since it'd make Forum more active overall. So this could be done simply by setting higher fixed price or perhaps by raising the cost with each use (1st: 500 credits, 2nd: 2k, 3rd 5k, 4th 7k, etc. ).
By having trial periods: Mostly to improve current experience since I don't think I'd purchase custom title right now since it's just way too risky.
Time limitation: After every purchase there's a certain period of time (1, 2, 3, 6, months) before option becomes available again.
Personally I'm leaning towards 1st option and raising the cost variation since it pretty much solves all our problems. Second option could temporarily improve current experience but it would make more long-term problems since members could abuse trial period system and never make a purchase.
One thing's for sure though, as things are right now I don't think I'd purchase custom title.
EDIT:
It has just occurred to me that it's perhaps single use as in one purchased change enables you to change it only once...
I still think that raising the cost or setting time limitation would still make it a bit more significant if anything, so it's still a suggested improvement.