As the switch to the New Blogger becomes mandatory, several of my friends are switching their blogs, but few are using New Blogger's custom layout. The custom layout automatically lists and counts all your labeled posts, making it easier to find that post on Yoda's grooming habits from 2003. If you use Labels with a classic Blogger template, you will have to make links to your labels yourself and only the first twenty labeled posts will appear, with no way to get to the rest. This is why you should really use the custom layout.
From the same "Page Elements" tab, you'll be able to see where each element (link list, profile, blog archive, etc.) will appear, and each element can be placed, dragged, and dropped wherever you like. Also, link lists and other created content are saved separately from the look of your page, so you can switch from Douglas Bowman's Minima to Dan Cederholm's Tic-Tac without having to redo your links.
I was able to restore my 3-column layout thanks to Beautiful Beta.
New Blogger's custom layout. Try it, you'll like it.