If you don't have a lot of space for a label next to a TextInput, then you may want to try using my TextInputPrompted class.
You use this class just like you would any other TextInput, but there's an extra prompt property. Whatever you set prompt to is displayed in the TextInput in light grey. Once you start typing something in the TextInput, the prompt will go away, and the text turns dark. Here's a blog about it <http://gtb104.blogspot.com/2008/10/new-flex-class.html> .
