@DavidCarlisle argued in his answer that there is no need to use very long labels and it is actually a misuse! In my dissertation I find myself using very long labels all over the place. For the same reason I normally use long and descriptive file names, I tend to use long labels that are informative.
The only drawback of this approach that I could think of, so far, was the following. When referring to a label the \ref{very-long-label} macro pollutes the code and makes it harder to read. Otherwise, this usage makes it easier to find the labels you need while writing.
I learned the second drawback yesterday, when I got to know the showkeys and showlables packages. These packages become useless when long labels are used (see Tweak showlabels/showkeys - wrap the label).
One last piece of information. I use emacs+AUCTeX, so I can always get a nice list of labels that are defined in the document, and this list handles long labels fine.
So what is the best practice here? What is considered a good choice of labels?
\let\lbl543{very-long-label}work for you? (Personally, I don't mind long label names, I just put them on a separate line if the length really bothers me.) – einpoklum Dec 06 '13 at 08:43\ref{\lbl314}so you could use this as the label in the first place. – Dror Dec 06 '13 at 08:48emacs+AUCTeX+RefTeXandC-c )is enough because the list contains enough information to find the correct label pretty fast. I have no need forshowkeysorshowlabels. – Christoph Dec 06 '13 at 10:31\refto that section or that chaper. Equations (and theorems) are harder, but I try to find a single word that I can associate with it. A 4-word phrase would probably leave me wondering exactly how I phrased it. I expect this is what David means. – Dan Dec 06 '13 at 23:02{sec:preliminary-results}and that's enough for me to clearly tell labels apart. – einpoklum Dec 17 '13 at 10:03