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A link was created on my desktop for my internal Zip drive (/mnt/zip), however the text on the icon is simply "Device 0". This should be made more descriptive... otherwise you have to manually inspect the symlink target to figure out which device it's referring to. I also don't see any obvious way to rename the icon. I don't know how it gets the icon text from the link -- but I'm assuming there is a mapping somewhere, since the floppy drive link gets the text "Floppy 0" and a floppy disk icon.
Unfortunately, it's not really possible to generate a good description, given that the kernel does not provide this information in an easy-to-use manner. Since mc is going to be replaced by nautilus in the long-term, no major enhancements to mc are planned.