How to Label Graph Edges with their weights

Question

Warning! I posted the question when Mathematica v 8.0 was the coolest kid. The bug has been solved as of version 9.0.1

The help for EdgeLabels states:

Answer 1

The solution is easy. Upgrade to V 8.0.1 :)

At least that is what I have and it works there. (windows 7)

Btw, I do not know if the labels on the edges are correct, but at least it does put them on the figure, unlike your image).