Hi John,
The difference lies in that the [Object Layer] is the actual object, and the 'name' is just a property -- just like its color.
You can use one of these two approaches:
var myOriginalLayer = app.activeDocument.layers.item(0);
alert(myOriginalLayer.name);
will hold the original layer object, and you can see the name if required :-)
To re-select the layer, use
app.activeDocument.activeLayer = myOriginalLayer;
Alternatively, selecting by name goes like
var myOriginalLayerNAME = app.activeDocument.layers.lastItem().name;
...
app.activeDocument.activeLayer = app.activeDocument.layers.item(myOriginalLayerNAME);
I also noticed the following:
app.activeDocument.layers.item(0) points to the first layer of your document; not the 'active' one. Similarly, app.activeDocument.layers.lastItem() just points to the very last one. I'm not sure if the order of the activeDocument.layers array mimicks the order as shown in the Labels palette, but I would hope it does :-)
To get/set the active layer, use app.activeDocument.activeLayer as shown above.