What's a good strategy for coming up with a lab name? I'm going to be starting a research lab as a junior faculty, what is a good strategy for coming up with a lab name? 

How important is a lab name in differentiating yourself in the field or potentially attracting graduate students? 

Is it common for one to use their last name, i.e. 'Smith Lab' or should it be a term from the research domain?
You should use your own name in the name of your lab because it (likely) has existing name recognition.  You should not include the subject of research in the lab name because it will evolve over time and shut you out of potential collaborations beyond the subject stated in the name.