I would be for this as well. I have an idea for a minimalist art pack for Archimedes and it would be fantastic if we could get the option to have the option of having labels. Allowing the option to toggle this option would make it easy for folks to enable/disable to their liking.
I've been considering labels but I have decided that it isn't the focus right now.
I can't come up with an aesthetically pleasing solution and I don't feel like putting time into something I don't like. I'll take another look at it though.
Here is an example screenshot:
http://http://www.ginnunga.org/forums/images/Erny_227.jpg
Health on the left, Mana/Class mechanic on the right
Targets health at the very bottom, his name just above it, and the other target just abve it in a different color, that targets name above that,
If you only want arcs on the side, just stack them like it is now, but by all gods - We need the names of our targets, else the addon is not so strong as we'd like hehe.