Yes, this is so when you call other people, their Caller ID reads your name, not "Wireless Caller." The caveat is, as the first two lines say:
Originally Posted by thaDroidz
Share Name ID
information is currently only displayed when calling a land line phone or another wireless carrier which is already using the service.
Any name saved in the contact list of the device will override the Share Name ID information when a call is received.
So if they have your name saved as "Favorite Sister" that will be what will show up or if they don't have Caller ID obviously it won't work. But generally, this is how to let them know it's you calling instead of the generic "Wireless Caller."