In ArcMap 10.1, on the field tab there is an option to set the number of decimal places. The labels and attribute table both reflect this but not in the table of contents. Is there a way to have the same thing show up in the table of contents?
I guess that you mean for the symbology. Then you can right click on the layer, open the properties tab, right click on the label header and open the label properties window. This will allow you to change the label format.