Well, I tried again and find out that my original statement about the links being unmodifiable was incorrect. With the following code, I was able to erase all the labels:
this.displayInContainer = function( container ) {
validatePano = new google.maps.StreetViewPanorama(
document.getElementById(container),
this.currentPanoramaOptions);
var obj = this;
google.maps.event.addListener(validatePano, 'links_changed', function() {
var links = obj.panoObject.getLinks();
for(var i = 0; i < links.length; i++ ) {
links[i].description = "";
}
});
}