In my organization we rename the database on development server when are refreshing the development server with live data. We save the old database with new name and restore the database from live with same name. If developer/Jr. DBA have not saved the SQL Script from development server, he/she can go back to old Server and retrieve the script.
There are few interesting facts to note when the database is renamed.
EXEC sp_dboption AdventureWorks, 'Single User', True
EXEC sp_renamedb 'AdventureWorks', 'AdventureWorks_New'
EXEC sp_dboption AdventureWorks, 'Single User', False
Reference : Pinal Dave (http://blog.SQLAuthority.com)