Wouldn't it be nice to have a way to manage Labels, maybe from the Project Administration screen? Currently there is not a way to mass manage Labels. Doing a Bulk Edit on a set of issues replaces (removes) all current Labels with only the new label for all issues, instead of adding the new label to the existing label set for each issue. This makes Bulk Editing Labels almost useless, since it is very uncommon to have issues with all existing Labels in common. Being able to Bulk Add/Remove/Rename a label, would be incredibly convenient.
Wouldn't it be nice to be able to merge Labels? Sometime users will create different Labels which essentially mean the same thing, management should be able to merge these Labels. For instance 'grey' + 'gray' >> 'grey'.
Wouldn't it be nice for management to be able to lock-down Labels? Sometimes users are just down right bad at creating appropriate Labels, and once a bad label is created, other users start using it as well. Maybe from Project Administration, administrators could create a set of Labels to be used in that project, and then users could only select from that set of Labels. If a user really feels like they need a new label it could always be requested.