I like, and sometimes love, it. It's my mums middle name, so I would consider using it for a child, but probably in the middle name spot.
My favourite nicknames are
Beth (always my top),
Libby,
Elsie and
Ellie. Something about
Liz kind of rubs me up the wrong way.
I think
Elizabeth needs something spunky with it to liven it up a bit:
Astrid ElizabethElizabeth XantheThora ElizabethMila ElizabethRhiannon ElizabethNaomi ElizabethElizabeth QuinnClara ElizabethRegan Elizabeth
I've always like the spelling
Elisabeth, too, but I don't think I'd use it - she'd just have to correct everyone all the time.