This becomes somewhat more problematic (but not impossible) when you need to start replacing NICs, and moving MAC addresses over to new servers. Some linux IPv6 stacks (RHEL) tend to work better in autoconf mode (EUI-64 promotion of their MAC address) - particularly across multiple versions of the kernel (Static addressing has given us problem) - so we tend to do the migration of IPv6 addressing by changing the MAC address on the NIC, which, ironically, offers more straightforward and predictable behavior across multiple RHEL 5 releases than trying to force a particular static IPv6 address onto the host.

If you end up having to play games with your MAC addresses, basing hostnames on them is a suboptimal strategy.

Asset tags, on the other hand.....