Well I really liked and used this approach in my application. It uses standard Resx file for storing strings and uses Markup Extension for connecting view and the strings in resx file. You won't have to do any dirty trick in View Model or Model. I think resx file is best place for storing constant strings which end user will see. I used this solution for also changing the language of application at runtime. Even if your requirements are simple and you don't want fancy stuff you can use approach specified in post. It is really neat approach and places strings where they should be place (in resx). In next step you can directly bind text in resx with your label/button or anything you like.
