I agree, there are some larger features before 1.0 and it would be nice to see the issue backlog mostly cleared as well before we think about release a 1.0. Currently there is so much in the backlog it is easy to get lost :) but we've been making great progress the past few days to start cleaning it up.
As for the labels.. I could see us using the milestone field as a priority however that only works if we continue to use a linear release model. With all the discussion around 0.9 and the "DoesNotExist" exception, I've been doing a lot of thinking lately as to the best approach for this project...
(1) We continue with the (mostly) linear model that MongoEngine has worked off of up until the point and better document upcoming changing features. This means all bug fixes go into the new version and are not fixed in a dot release of an old version.
(2) We use a release branching model which allows us to fix bugs in the version they are found, release a dot release of that release branch (0.9 -> 0.9.1) and then merge the fix into the upstream releases (0.10). In-house we use this for our larger projects where our customers (users) are unwilling to upgrade to a new major version in a short period of time but yet still need bug and security fixes.
It's amusing how all these questions and discussions are all interconnected. It's good to have these sort of discussions about the general direction of the project as it moves forward. :)