The quotation is actually a very profound one. It suggests that a name is simply a label to distinguish something from another. It does not create worth nor does it create true meaning. What is important is the worth of the individual or thing. A rose, if called something entirely different, would still smell as sweetly as it does with the name "rose." Juliet likens this to Romeo - Romeo is still the man she loves had he a different name. What is his name but, simply, a label. It does not define him as a man.
This, of course, is relevant because the Capulets (her family) and the Montegues (Romeo's family) loathe each other. To be in love would be forbidden simply because of their names. What Juliet exposes is the ridiculousness of the feud between the two families over, simply, who they are. What the feud is about is, therefore, unknown and irrelevant.
This quote suggests Shakespeare's belief that a name means little - it is the worth of the individual that counts.