Of course it's lamer than Matter-Eater Lad, 'cause Matter-Eater Lad's not lame, it's cool!
Matter-Eater Lad has a fun quirkiness to it that at least makes some bit of sense when you see the guy. Raymond Luxury Yacht just seems like somebody opened a dictionary, stuck out their finger and picked a name. Now if the fellow's head was shaped like a luxury yacht, or if he had the power to morph into a luxury yacht, then I could see it happening.
Thanks for the link, EDE. Monty Python explains everything.