If your title has HTML now, the next time you edit the title, the HTML will be stripped. You can safely edit your profile without editing your title - the HTML will not be stripped.
You can still ask an admin to give you an HTML title, just be sure not to edit it yourself afterward.
UBBCode is now enabled in titles, so you can use bold/italics, create links, etc. Don't be stupid with it and use quote or code tags, else I'll be very angry.