Alignment

Labels allow both horizontal and vertical allignment (text boxes only have horizontal). However for it to be any use you need to set the minimum size property for the label.

Fast Updating

Labels are not as good for fast updating values – redraw flickering with large arrays of them

Multiline Labels

You can use "\n" within label strings to cause a new line (or when setting in properties open the drop down text editor and use return) but there is not an auto wrap to new line.  For this use a read only text box, and stop if being selectable using this.

Transparent Background

Its not supported, setting it to transparent is often ignored.  This is a win forms issue generally, not just label text.  There are some work around hacks if you can't just use a background colour to match the background on the layer below but its not simple. 

USEFUL?
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