It is in fact preferable to use a P instead of a DIV in that case as well.
Are label-input pairs a paragraph? Though I notice the original decade-old specs at w3.org still show p's in forms, at least a div is specifically saying, semantically, that there are no semantics to that tag at all.
Like Matt I'm also uneasy with zero-semantic elements wrapping text fragments. I still often use p's for fragments, falling back to the way some dictionaries are totally okay with paragraph not even needing to be a full sentence.
When using a div, you're basically saying "I, web developer, need a block element here." Which often is the reason we use divs.