Alfresco Labs was re-branded as Alfresco Community Edition. They both refer to the non-Enterprise open source edition of Alfresco.
Alfresco Labs ended at version 3.1 and when 3.2 was released, they merely changed the name to Alfresco Community Edition.
Alfresco Community Edition made some significant changes, causing the current Record Management module to not function correctly. The RM portions are being re-written, and according to some of the webinars and posts, should be released around September 2009.