Labels X is the answer to the question “What happened to OS 9’s file and folder labels?”
Labels X brings back about 95 per cent of OS 9’s labelling functionality. Using the Labels X preferences panel, you can choose a colour and label definition.
Applying a label is a simple matter of selecting one from the contextual menu. Labels X will also show (and sort by) the label values in column-view Finder windows, giving you the ability to sort your Projects folder by priority, for example.