I spoke to a girl on the knot about them because I'm doing them as well....she did them for her wedding a month or so ago. She used tealights in them, don't use actual votive candles, when she tested this out beforehand, the candles made them too hot to hold, but the tealights were not.
She used 2X2 Avery mailing labels, did them on the computer, printed them out and stuck them right on the holders. She used a ribbon on hers with a rhinestone, but you can decorate however you like. Some people I've seen use vellum paper and cut it down and glue it on...seems like more work to me and she said the labels didn't bubble or anything.
