As a consumer, I like to know what I'm spending my money on.  As a person, I like to know what's in the products I eat and drink.  So when I go to the grocery market and buy something with a label "Ingredients: 100% Orange Juice" it bugs me that that is NOT what I'm getting.

Each of those 100% natural juice companies is de-oxygenating the juice for shelf life and removes the natural flavour.  They then add "flavour packs" to the liquid to make it taste exactly how they want.  This doesn't get put on the label because the flavour pack contains "essence of Orange".  http://gizmodo.com/5825909/orange-juice-is-artificially-flavored-to-taste-like-oranges

Of course misleading labels isn't new.  A few years ago the FDA ruled that cloned meat would not have to be labelled since "it would detrimentally effect sales."  WTF?  Of course it would detrimentally effect sales.  Nobody wants to eat lab grown meat.  Is that the requirement for labelling now?  Only the stuff that won't detrimentally effect sales?  http://www.wired.com/wiredscience/2008/01/fda-dont-ask-do/

Conversely, absence of information isn't the only problem.  Corporations also add misleading things to the label to promote sales.  Things that are unsubstantiated and unproven.  http://www.cbc.ca/news/canada/story/2012/02/02/marketplace-lousy-labels-full.html

I guess lying (which includes withholding the truth) about your product is an acceptable business practice, and in some cases protected by law.  Tell me again why we should favour industry self-regulation?

I think that industry should set up another branch of self-regulation to regulate the industry self-regulation.  It would help justify driving the costs up while adding another layer of uselessness to the entire process!