I can also see this ruining the fun for players. Someone creates a new character. He picks an awesome name that he loves. He really digs the idea of Beluaterra but the game does not allow him to start there. So he starts on the East Island with the intent of traveling to Beluaterra as soon as possible. Moment fianally comes for the trip but - no go. Someone there already has the name. That sucks. This could potentially remove access to a significant portion of the game. Heck, it can even be used to avoid deportation to certain continents. Even worse, though unlikely, I could see this as a way to attack a player by limiting their options and fun. All you need is a group of morally challenged players working together.
I would rather that the game enforce globally unique names. Or, inform the player of any continents that already have characters with their name, and are thus unplayable unless that other character goes away, during character creation. Or present the character with the option of making a name change or not traveling when attempting to go to a continent which already has a character with the dame name.
I do not much care if the game ever claimed to guarantee that I be able to play specific characters on specific continents. Most would never guess this. This has the potential to be such a huge let down that it really needs to be changed or explained up front. Even when looked at in character it is lame: "Sorry my lord. I will not sail you to Beluaterra as word has it there is already another noble there with the same given name as you. How does Dwilight sound to you? Never mind, your third cousin is a knight there. Far East is out too. That leaves Colonies or Atamara. Both are lovely and no nobles have the same given name as you. Of course the fact that your family name is different does not matter! Since when? It has always been this way. No one told you?"