The reason the original poster's code doesn't work is that it appears that the frame of the textLabel is set after the UITableViewCell has been returned from your delegate method.
I noticed that I can successfully alter many properties of the textLabel, such as the text alignment, color, font, etc, but altering the frame has no effect and when I print the frame to the debugger later (like on select), the frame isn't what I set. Therefore, I conclude that the UIKit framework is altering the frame of the textLabel after it is returned from the delegate method. No doubt this is likely done because Apple engineers wanted to make sure that your text was drawn to the screen, so they measure it and alter the frame so that it will fit. They probably figured that people such as ourselves who wanted to alter the position of the text would be able to do so by subclassing, or simply adding another UILabel (or whatever) as a subview. A novice developer might have a very hard time if his or her text didn't show up in the label or was truncated because they didn't adjust the frame.
In my case, I wanted the text to be center horizontally, to be a specific color/font/size, and to be slightly higher vertically in the cell. Being too lazy to subclass this, I first tried altering the frame. When that didn't work, I tried googling the answer (found this post).
My final solution was to set the numberOfLines property to 0 and add some trailing carriage returns to my text. Now THAT is lazy.