Hey Folks,
Not sure on the issue here, but see that you have found a mistake in our documentation for the MapLayer class, since the MapLayerLabelClass were removed at 10.0 release. This was done to simplify the implementation so that labels are now just part of the layer.
As for the labels not displaying, I would suggest trying to zoomin on the features, to see if they will draw at different scales, which is using the ArcMap settings. At certain scales you may see the feature but not the symbol, since the labeling is a bit more complex.
Not if you look at the SDK walkthrough sample the labels do not draw at the intial extent, but will show once you zoom in enough.
If the labels do not appear at different scales perhaps you could attach a small screenshot, to illustrate the data.