I just picked up some 4x3.33 inch clear shipping labels thinking it would be a great solution. Didn't work out too well. The labels looked great right after printing, but when I stuck them on the dark brown bottle, you could barely see the label. The white backing made the label stand out, but the colors are all transparent as well, so on the bottle they become very subdued.
I went with white 4x3.33 inch shipping labels and put a background color behind my logo and it worked great.
I'm going to use the clear ones to label kegs and cases. The lighter background color doesn't hide the colors as much.
Drinking on the keg: BPA, Brown Ale, Dry Mead, Wee Heavy aged on Oak, CAP
Drinking in the Bottle: