Accessible Forms with XHTML Labels
With the label element, forms would look like:
Label resources
<form method="POST">
<label for="firstname">First name</label>
<input type="text" name="firstname" id="firstname" />
</form>
This would make the connection between a field and its label machine-readable, enabling easier handling for accessibility purposes.
Also, this mark-up would be slightly lighter to download that the current <div /> solution.
Thanks to Nico for the suggestion.
Label resources
About.com HTML Guide: <label />
XHTML 1.0 schema: Label
DevGuru XHTML Tag: Label