Felicity means happy and this is one thing I think of when I hear this name. I don't mind it but I wouldn't use it.
I love Felicity but not quite brave enough to use it!
I think of the show "Felicity" with Keri Russell also. I felt while it was on the air, a little too "obvious" but now I feel a little more comfortable - I had the same issue with Phoebe while "Friends" was on, I know it's on heavy reruns still, but it's had a cooling-off period.
I loved the name Felicity when I heard it for the show. I may have even loved it a long time, but felt that it was too strong and weird of a choice before there was actually a character on tv. I didn't watch the show, but I think the character had an average-ness to her - the name wouldn't be too related to any significant flaws or characteristics, in my mind. That helped tranlate this name to me from an out of left field kind of name to an approachable, yet distinct name. I am sorry, I can't help you with American Girl Dolls - I know a lot of people are into it, but I don't feel any strong reason not to use the name because of the dolls. There is also Felicity Huffman of "Desperate Housewives," and while I don't watch the show, I still don't think that the name gets any marks off for what her character might be like. Eva Longoria Parker's name isn't suffering on the charts. Felicity Huffman seems like a pretty cool lady in interviews. http://www.imdb.com/name/nm0005031/
My usual take on word names and virtue names is that I don't really feel them, but Felicity is definitely one exception. I love how it sounds. I don't think we use Felicity as a word commonly enough that it still seems like a name, but people can recognize its meaning instantly. Plus, important to me, it is not a religious virtue. This may or may not count as much for you. I even excuse its length, while I often prefer short and uncomplicated names, Felicity is one of my favorite longer names, to a degree that I would actually consider using it and not just like it abstractly. Of all the names that mean "happiness," it is my favorite.
These are all my thoughts on the name Felicity. <3 it!