I would definitely support a requirement that real names be used. That said, I don't think that real names will "stem the flow toward oblivion." Having to provide your real name might stop someone from posting porn (as on 4chan, Reddit, etc.) but when it comes to quality of posts as we demand on HN there is nothing immoral or particularly embarrassing about submitting an article on the TSA. Non-anonymity only stops people if what they are doing will embarrass them or get them in trouble.
HN mostly ignored it, and Reddit users were rather hostile to the idea.
You can read the details at - http://e1ven.com/2010/09/15/lonava-com-retrospective/
In large part, I'm sure, I marketed it badly. But I'm also fairly confident that Real Names is one of those features that people wish "everyone else" would use, but aren't thrilled about using themselves.