The <label> tag is a rather commonly omitted element in HTML forms. Although the tag does not render text in it differently from those outside the tag, it provides a usability improvement for mouse users by duplicating common GUI features. More importantly, it couples an input element with a label for users of speech browsers. [...]
Lachlan Hunt wrote an article on A List Apart on HTML 5. It is the fifth major revision of the core language of the World Wide Web, HTML. New elements and attributes have also been introduced, to make the page structure of a HTML5 document similar to that of a modern webpage.