This may seem as a duplicate of the bug #340938, but I hereby provide more information and claim that this bug is quite nasty and should be fixed in 2.14 ASAP, because it degrades the impression of Gnome usability.

Description of problem:

When unmounting a volume, the volume label persists in nautilus sidebar.
Selecting the (umounted) volume from the menu causes error message and the
window disappears (but nautilus itself seems not to crash).

Version-Release number of selected component:
nautilus 2.14.1-1.fc5.1

How reproducible:

every time

Steps to Reproduce:
1. insert CD and wait until it mounts
2. eject the CD
3. observe that the label of the CD is still present in nautilus sidebar
4. double-click on it
  
Actual results:
Nautilus throws a system error message, the window dies.

Expected results:
Volume labels vanish after corresponing volumes umounted.
When trying to access non-existing volume, nautilus throws "device not mounted" msg, the window remains!

Additional info:
The error message says: The folder contents could not be displayed. "MyLabel" couldn't be found. Perhaps it has recently been deleted.