I was trying to make a comparison between these two technologies when approaching this and I was wondering if any of you already have some experience dealing with any or both of
Labels may afford some design patterns that improve performance by de-densifying the graph. For example: they eliminate the need for type nodes, which can often get quite dense. Labels can optionally be associated with a unique index. Here, the ability to index a property isn't new, but the ability to constrain it uniquely is. If you were previously doing work in your application, you may experience some performance gains by letting the database handle this. (It's certainly much more convenient to do so.) Finally, if you don't assign a unique index to a label, it will still be indexed, in order to help performance for certain kinds of queries (e.g. "give me all of the nodes having label ")
All that said, while labels may help with performance in certain cases, they were introduced more with ease-of-use in mind. We're just getting started with Neo4j 2.1, which specifically addresses dense node performance (something I know you've been waiting for), along with other performance & scalability improvements... including removing (for all practical purposes eliminating) the upper size limits.
Philip