ArcGIS Advanced Labeling

To create complex label in ArcGIS, go to
Layer Properties, click Labels
In Label field, click Expression button.
In Label Expression window, in Fields, double click each field you need to use in the label expression.
In the Expression, check Advanced box. It will give you a piece of code. By editing this code, you can customize your own label.

Below is an example of the customized label.  Where when [Sheet2$.N_GYearly1995] field is less than 0, using red font, when greater than 0, using blue font.

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For other advanced VBScripting for labels, refer to:

http://63.227.83.34/files/ArcMap_VBScript_Labeling.pdf
This gives a good introduction on ArcMap VBScript labeling.

http://webhelp.esri.com/arcgisdesktop/9.2/index.cfm?TopicName=About_building_label_expressions
This is a good reference sheet for looking up Scripts.