In Outlook 2003 changing the descriptive text for the labels in the calendar
is a very non-intuitive task. You would think that if you want to change
options in the calendar that you would go to the options menu pick. Works for
everything else BUT calendar color labels! Seems the only way to change it is
by clicking on an unlabeled icon in a toolbar. I would highly recommend that
this be changed so that I can define all the options for how I want my
calendar to look from the calendar options window.

And while the colors defined for the labels are ok, they aren't the ones
that I would pick. I would definitely let the user select their own. And
lastly, the fixed number of labels is insufficient for my needs.  I suggest
that you let users add new labels to the list.