I do not think labels is a very high priority at the moment. There are efforts to improve Canvas displays and performance underway but do not know whether the Canvas text quality will be improved. General appearance of the Canvas will improve on Tablets and 7 and 10" devices when MIT implements the Android API 4 on AI2. Latest estimate is sometime in the first quarter 2015...perhaps.
In the mean time, you can make a png or jpg image of your text, put it in a Sprite and use the sprite as a 'label.' However, you can not change the text other than to create a new sprite image.
Regards,
Steve