Our daughter is 3, and has an assortment of babies: she calls them Baby, Small Baby and Other Baby. Her names for the babies are mostly descriptive, just so she can distinguish her babies from one another.
Our son has two stuffed animals and he's named them Heart Huggybear and Foxy. Plus he also has a Baby that we got him just before his sister was born. I think his stuffed animals are talking to him, because he'll set them up on his bed and play with them for a while. Not sure what they talk about thought!
Have your kids named their stuffed animals/babies?