We have just implemented another popular idea from our Idea Exchange. You can now hide the true field values from your visitors and prospects and show them prettier labels. For example, you may have a checkbox with WebEx event signups. WebEx needs to receive these as event IDs such as3753762 but that would not be meaningful to your prospects. You could instead present it to them as something like June Event but still store the data as the ID.
This option is present for any field type with pre-defined values (typically checkboxes, dropdowns, and multiselects). I have attached a screen shot to show how this works.
Thanks for all of the great feedback in helping us build this!