When I remove a USB drive and insert another drive, the drive label isn't always updated in the lister.
Also, it usually doesn't update the drive label in the folder tree.
I have noticed this consistently with USB thumb drives, which get swapped in and out frequently. I haven't seen it in any other scenarios.
Here's a screenshot of a typical tree-lister discrepancy:
As you can see, the tree shows drive I: to be "JAZZ" and the lister shows it to be "ROCK". This persisted after whacking REFRESH in both panes, and also clicking away to other drives.