It's one of all-time favourites! Whenever I suggest it, people don't like it, but I love it.
It can be used as a nickname for Elizabeth, although that's not an obvious one and she could end up being called Lizzie instead.
Also - Stephanie, Serafina, Persephone (Per-sef-uh-nee), Effanie.
It's of Greek descent, and can be used as a nickname for the Greek name Ephrosene, pronounced Eff-ruh-see-nee. I was almost named that after my grandma (:
And, I've heard people say it sounds childish....watch 'Skins' and the name will never sound childish again, aha!