Is Pivotal Tracker's free-text bug entry format effective for bug tracking?

1. While I like labels, I find it tedious to categorize bugs by severity, criticality, environment details using them. Not to mention the dependence(/discipline) on engineers to use the appropriate (and complete) set of labels.

2. Also, there is discipline required from the team to consistently use the same labels and not create new ones.

3. Disjunctive searches also seem difficult (if not impossible)