This is my favorite spelling of the name, and I happen to like the name itself. I have never heard of jerks named Eliot, and I believe the name isn't hideously overused, even if very common and popular. It's too popular for my taste, but it's got a pleasant sound, it sounds sophisticated and like the name of an intelligent guy, and it ages well on the bearer. It also has a rather refreshing ending that isn't very common.
I like this name, but why do people think it's so cute on girls? What about this name sounds remotely feminine? Even worse, it's associated with the former governor of my state, Eliot Spitzer, who gets his kicks from prostitution.
Famous bearer: Dr. Elliot Reed, a female doctor on the TV show Scrubs. She was given a male name because her parents wanted for her to be a boy to carry on the family tradition of becoming a medical doctor.
Eliot is my favorite spelling of the name as well: it's the simplest, it's uncommon, and it brings T.S. Eliot, my favorite poet, to mind. To me, this name sounds musical and refined.
As I've become addicted to the TV show Scrubs, I fell in love with the character Eliot. And somehow I fell in love with the name on a girl. I know it's a little odd, but it seems like it would be a very good feminine name actually. It's not feminine in and of itself, but I like the idea. This is a very strong name for either gender regardless. And I can't think of a single bad bearer either! Good choice. :)