Of the five batches I've brewed, four have been labeled. I printed on my Epson inkjet, 6 to a sheet. Simple black and white design that I put together in Photoshop. Once printed I've sprayed with clear spray paint and let dry over night. Cut out, soak in milk, then slap on the bottle.
I have used a glossy clear spray paint, which gives it a nice sheen, appears a bit heavier and holds of very well to moisture. Even in a cooler of water and ice all day outside, the labels mostly stay on. The only pain is, since it makes the paper a bit heavier, it's tough to keep the corners down while applying. Just take a moment to hold it place until it stick. For my most recent batch I moved to matte clear spray paint just to see what the differences would be. Obviously it's not shiny, flat finish. Ink seems to hold up well to the milk still. The paint does not weigh the paper down nearly as much and actually it's way easier to apply to the bottle. Down side is that the labels tear a bit easier. Not a huge problem, but it should be noted. Time will tell how these hold up.
Here's some of my labels
Did this one in 22 oz bottles