CTRL - left click?
Supposedly SP1 was to fix that. Now you can select just the label, but to actually flip or reverse it you still need to do the CTRL - click (in the parcels I've worked with).
I don't think the service pack did what it was supposed to do, or rather what I was hoping it would do.... sigh... Maybe in 2009 I''ll get a Surface volume range analysis in the contour table that actually calculates the volume of the surface for the contour range, or maybe contour labels that don't mask our the hatch or image behind them, or structure labels for the pipe invert at the interior of structure wall, or a pipe band that puts the invert elevations in the band (or have I just not tried hard enough).
Anyway good luck with your parcels.