It turns out I had the sense of the GetLocalBounds bool wrong everywhere, so ...

views/controls/label_unittest.cc

Index: views/controls/label_unittest.cc
===================================================================
--- views/controls/label_unittest.cc	(revision 74228)
+++ views/controls/label_unittest.cc	(working copy)
@@ -208,12 +208,12 @@
 
   // SizeToFit with unlimited width.
   label.SizeToFit(0);
-  int required_width = label.GetContentsBounds().width();
+  int required_width = label.GetLocalBounds().width();
   EXPECT_GT(required_width, kMinTextDimension);
 
   // SizeToFit with limited width.
   label.SizeToFit(required_width - 1);
-  int constrained_width = label.GetContentsBounds().width();
+  int constrained_width = label.GetLocalBounds().width();
 #if defined(OS_WIN)
   // Canvas::SizeStringInt (in app/gfx/canvas_linux.cc)
   // has to be fixed to return the size that fits to given width/height.
@@ -223,7 +223,7 @@
 
   // Change the width back to the desire width.
   label.SizeToFit(required_width);
-  EXPECT_EQ(required_width, label.GetContentsBounds().width());
+  EXPECT_EQ(required_width, label.GetLocalBounds().width());
 
   // General tests for GetHeightForWidth.
   int required_height = label.GetHeightForWidth(required_width);