Would you pay for the label?

I've only just started to really think about the brands that we buy (mainly thanks to my consumer behaviour and brand management courses). Walking through Coles last week I started paying particular attention to their own brands: Coles and Coles Smart Buy.

Taking the tins of beetroot as an example, they have the same ingredients, the same amount, and they're made by the same company. The only difference is the label. Oh, and the price. The Coles brand beetroot was $1.25, but the Coles Smart Buy was 75c. That's a 67% difference. It may seem pointless, but its a great strategy by Coles. They're satisfying two types of people. The 'I want cheap food but I still want it to look good' people, and the 'Food's food even if it does look like it's meant for a dog' people.

But surely the educated shopper would realise that the only significant different between Coles and Coles Smart Buy is the label, right? Maybe they do, but they just don't like the feeling of buying a tin without a picture of what's inside on the label. 

What about you? Would you pay the extra cash for the pictured label?