This new tool labels contours using options such as ends, individual or multiple. The mtext objects generated are field based. That means you can move or copy the labels and the value will change on the next regeneration. The labels also have the background mask turned on, meaning it will hide the underlying contour without any damage.
(You must have Flash to view this demonstration video.)
Added minor revisions to trap duplicate labels on closed polylines, open polylines where the ends are close together and cases where two polylines touch at the ends.