Here's my solution, supporting translation:
HTML:
<span class="togglebutton">
<label>
<input type="checkbox" checked="{{myApp.enabled}}"
ng-model="myApp.enabled" ng-click="toggleEnabled()">
<span translate="{{myApp.enableCaption}}">Is Enabled?</span>
</label>
</span>
JS - Controller:
$scope.toggleEnabled = function() {
$scope.myApp.enableCaption = $scope.myApp.enabled ? 'global.enabled' : 'global.disabled';
};
where global.enabled and global.disabled refer to i18n JSON translations. You also need to initialize enableCaption in JS, in place where you create an empty object.