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Wrapping icon titles
If you want long icon titles to wrap to the next line, so that you can space icons closer, you can turn on icon title wrapping.
To do this, specify the maximum number of pixels allowed on one line of the icon title at the view property "Width to wrap titles".

Showing the background behind icon titles
If you apply a background picture to a pane, you will notice that icon titles have a white background. As you can see, this is useful for readability when backgrounds are dark or busy:
If you don't want this white background, select the view property "Transparent text". Your icons will then look something like this:

Hiding icon titles
If you don't want to see the text associated with an icon, select the view property "Hide titles".
Don't select both this and "Open with single click", or you won't have a way to just select objects without opening them.