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You can continue to use accounts as labels, create an each-address-gets-one-label, and map addresses-->user in your database.
However, your application will be faster and simpler if you let bitcoin do the addresses-->user mapping (one account per user), and store address-->user-specified-label in your database.
The bitcoin 'getaddressesbyaccount' method will give you the addresses-->user relationship, and all the accounting becomes much easier (listtransactions gets you all the transactions associated with a particular user, etc).
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The label methods still work, call the corresponding account methods (e.g. call setlabel <bitcoinaddress> and it calls setaccount), but are deprecated, so they don't show up in the help and will eventually be removed.
The only 'potentially breaking change' is the sendtoaddress function, which now returns a transaction id instead of the word 'sent'.