So I understand the functional difference between the span and label tags... however it appears there is also a rendering difference between the tags and I can\'t seem to figure
Aside from the default rendering styles (label is sometimes bold in some browsers), the important difference is that a label it supposed to be linked to a form field (input, select, etc) to LABEL what that field is. Hence it's "for" attribute. It should not be used for anything but that. This is especially important with regards to accessibility with screen readers as they expect this link to exist.
Span is for a group of text that you'd like to apply a similar style to. Span by default has no style applied to it.
PS: May the wrath of Grayskull find you if I ever catch you using a label tab just to make some text bold or something like that. Repeat after me: "no input field, no label".
PPS: Sorry, it's one of my biggest annoyances with other people's markups.