Comment 7 for bug 68924

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A. Walton (awalton) wrote :

It is, however, a new feature for Nautilus. And it's a non-trivial issue, since setting volume labels properly needs root permissions on *N*X systems. We may work around this with a .desktop file on the volume's root (we're currently discussing this solution for removable devices on the GVFS mailing list), but it hasn't been decided as of yet.

Until then, you can set the volume label properly using the methods mentioned here:
https://help.ubuntu.com/community/RenameUSBDrive

And you can follow the discussion on the list:
http://mail.gnome.org/archives/gvfs-list/2008-August/msg00007.html (continues on into September).