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What is M P L S?
For technology this complex, there is of course an extremely long answer.  For those of you with the time and inclination, we have compiled a comprehensive PDF, drawn from multiple sources, all cited, charting the definitions, functions and instructions required to understand MPLS networking, available here for download.

Meanwhile, here's a shorter answer... M P L S provides Corporations with advanced, expert means to control, protect and guarantee the way their offices communicate with each other. It also determines how all of the corporate offices navigate in and out of the Internet where security is of a premium. 

It's not unlike a Private Internet!
We liken M P L S to the fastest, sleekest, most exclusive private network that exists solely to allow Corporate locations transmit voice, data, or media.  The management and security is located at one point, usually Headquarters, removing the need for personnel and security systems at any of the other offices.  Think of MPLS as a top security private network that nothing can get in or out of without the right boarding pass (or label) which is recognized at departure and arrival.  What is transmitted and when can be custom managed at Headquarters to assign priority to anything mission critical.  

This MPLS network accepts the wider Internet at only one point, again usually Headquarters, where all in-and-out deliveries of information etc. from the Internet to all office locations occurs only via this secure private network, and in a manner that is directly manageable and easy to monitor at the point of entry. 

M P L S is a futuristic technology that is already proven and available today for every Corporation, no matter where offices are located throughout the city, county, state, country or continent.

Additional Resources
For further detailed tech specs on MPLS you may want to visit the following valuable resource sites.

Wikipedia entry
http://en.wikipedia.org/wiki/MPLS

“Introduction to MPLS” by Peter Welcher
http://www.netcraftsmen.net/welcher/papers/mplsintro.html

MPLS Resource Center
http://www.mplsrc.com/articles.shtml
FAQ: http://www.mplsrc.com/mplsfaq.shtml

MPLS Tutorial
http://www.mplstutorial.com/
Intro: http://mplstutorial.com/chap1.html
Traffic Engineering: http://mplstutorial.com/chap3.html

Introduction to MPLS

IEC MPLS Tutorial
http://www.webproforum.com/online/tutorials/mpls/

Converge Digest MPLS overview by Rick Gallaher

MPLS Working Group
http://www.ietf.org/html.charters/mpls-charter.html

MPLS Monitoring Options
http://www.netqos.com/solutions/it_mpls.html

Network World MPLS article
http://www.networkworld.com/details/483.html?brl

Cellstream Company
http://www.cellstream.com/cellstream_lab.htm