Does a greeting label add value besides first sign up screen?

I've seen a common practice, in some places, that every intranet web app, or desktop app, shows a label somewhere stating "Welcome: [name of person]".

I understand that such a welcome message has some value inmediatly after a person signs up for a website, but not every time he/she logs in.

Heres a mockup:

enter image description here

  • Does this add value?
  • Where does this custome come from?
  • Does any usability source recommend it?

I would personally prefer to add the name of the user besides the log out button like this:

enter image description here

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