If anyone's planning to do wrap-around labels I found a few templates

Here is a sample of what they look like from Martha Stewart's website but I've seen much fancier labels.

This one has damask in quite a few colors: http://federicodesigns.com/2009/04/damask-wrap-around-labels/

http://averychocolatewedding.blogspot.com/2009/06/freebies-dots-envelope-wraps.html

This one has complete sets of wedding labels:

http://blog.worldlabel.com/2009/diy-wedding-labels-for-free-collection-two.html

This would be a great site to save to your favorites and check frequently. She has a LOT of freebies.

http://www.i-do-it-yourself.com/2009/07/free-cherry-blossom-envelope-wraps/

These are just a few that I found by googling 'envelope wrap labels'.