I've seen the posts requesting the ability to add/remove/edit priorities and it seems this would be very difficult to do, so I would like to second John's suggestion above, if we could simply change the text displayed for the 4 priorities it would help somewhat.

Any Update on this yet? Doesn't seem to be possible yet...

so what i would like to see is the ability to add in or change the priority name in line with more ITIL terminology at the moment it is high medium and low 

i would like to change this to P1 P2 P3 P4 and possibly even P5 

you can see here that there is an additional level of Low priority which i would like to actually define ( as part of the priority matrix and as defined it should be used separately 

but to be able to change the name of the fields ( high medium and low) should not be too difficult surely? especially as this is what will align with your customers working practices ( IE us ) 

it could be that im wrong here and this is possible but i can not see how 

Ditto - I'd much prefer to use: Critical, Urgent, Important, Routine  in place of Urgent, High, Medium, Low. 

Up-vote on being able to edit labels please :D