The Internet Search Engine Database has a very good article titled – How to increase your ROI with powerful title tags.
The majority of search engines place a considerable importance on the HTML title tag, making it one of the most important tag on all the pages of your website, and maybe the single most important element on your page for your overall SEO. Your listing on a search engine is usually the text in your title tag, making the title tag even more important.
This article provides some great tips for creating better titles and getting higher serach engine rankings. If you are a publisher on the Internet at any scale it behooves you to understand the importance of strong titles.
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And Titlize is a PHP function that converts any title to the right capitalized version