Eu inventei um costume simplesUICollectionViewCell no meu storyboard, também fiz isso programaticamente com resultados idênticos.

Tem um singularUIImageView e doisUILabels, igual a:

          <--UIIMAGEVIEW-->          <--UILABEL-------->
|-(10px)- |               | -(10px)-                     -(10px)-|
          <--------------->          <--UILABEL-------->

A imagem está à esquerda e, à direita, há duas etiquetas acima e abaixo uma da outra.

Cada uma delas é espaçada com intervalos de 10 pixels e todas centralizadas no eixo Y das células. As etiquetas têm uma constante para deslocá-las do centro (para cima e para baixo).

A imagem tem altura e largura fixas de 44px e os rótulos têm uma altura fixa de 20px (com largura flexível).

As restrições funcionam conforme o esperado e nunca quebram o aplicativo, mas sempre divulgam essas informações irritantes de log do console abaixo, pois aparentemente estão quebrando.

Se eu adicionar essa linha ao meuUICollectionViewCell subclasse, as restrições não quebram e cospem erros no console, mas são totalmente quebradas na tela.

[self.contentView setTranslatesAutoresizingMaskIntoConstraints:NO];

Alguma pista? Parece tão ilógico!

Aqui está o código de erro do console:

2014-10-25 18:28:14.273 Air Plan[1579:580797] Unable to simultaneously satisfy constraints.
    Probably at least one of the constraints in the following list is one you don't want. Try this: (1) look at each constraint and try to figure out which you don't expect; (2) find the code that added the unwanted constraint or constraints and fix it. (Note: If you're seeing NSAutoresizingMaskLayoutConstraints that you don't understand, refer to the documentation for the UIView property translatesAutoresizingMaskIntoConstraints) 
(
    "<NSLayoutConstraint:0x17009edc0 H:[UIImageView:0x1701f7d00(44)]>",
    "<NSLayoutConstraint:0x17009f130 H:|-(10)-[UIImageView:0x1701f7d00]   (Names: '|':UIView:0x170183810 )>",
    "<NSLayoutConstraint:0x17009f270 H:[UIImageView:0x1701f7d00]-(10)-[UILabel:0x155e59970'detailLbl']>",
    "<NSLayoutConstraint:0x17009f310 H:[UILabel:0x155e59970'detailLbl']-(10)-|   (Names: '|':UIView:0x170183810 )>",
    "<NSAutoresizingMaskLayoutConstraint:0x17409eff0 h=--& v=--& H:[UIView:0x170183810(50)]>"
)

Will attempt to recover by breaking constraint 
<NSLayoutConstraint:0x17009edc0 H:[UIImageView:0x1701f7d00(44)]>

Make a symbolic breakpoint at UIViewAlertForUnsatisfiableConstraints to catch this in the debugger.
The methods in the UIConstraintBasedLayoutDebugging category on UIView listed in <UIKit/UIView.h> may also be helpful.
2014-10-25 18:28:14.276 Air Plan[1579:580797] Unable to simultaneously satisfy constraints.
    Probably at least one of the constraints in the following list is one you don't want. Try this: (1) look at each constraint and try to figure out which you don't expect; (2) find the code that added the unwanted constraint or constraints and fix it. (Note: If you're seeing NSAutoresizingMaskLayoutConstraints that you don't understand, refer to the documentation for the UIView property translatesAutoresizingMaskIntoConstraints) 
(
    "<NSLayoutConstraint:0x17009fcc0 H:[UIImageView:0x1701fa800(44)]>",
    "<NSLayoutConstraint:0x17009ff40 H:|-(10)-[UIImageView:0x1701fa800]   (Names: '|':UIView:0x170180a90 )>",
    "<NSLayoutConstraint:0x1702800a0 H:[UIImageView:0x1701fa800]-(10)-[UILabel:0x155e5b440'detailLbl']>",
    "<NSLayoutConstraint:0x170280140 H:[UILabel:0x155e5b440'detailLbl']-(10)-|   (Names: '|':UIView:0x170180a90 )>",
    "<NSAutoresizingMaskLayoutConstraint:0x17409ea00 h=--& v=--& H:[UIView:0x170180a90(50)]>"
)

Will attempt to recover by breaking constraint 
<NSLayoutConstraint:0x17009fcc0 H:[UIImageView:0x1701fa800(44)]>

Make a symbolic breakpoint at UIViewAlertForUnsatisfiableConstraints to catch this in the debugger.
The methods in the UIConstraintBasedLayoutDebugging category on UIView listed in <UIKit/UIView.h> may also be helpful.
2014-10-25 18:28:14.278 Air Plan[1579:580797] Unable to simultaneously satisfy constraints.
    Probably at least one of the constraints in the following list is one you don't want. Try this: (1) look at each constraint and try to figure out which you don't expect; (2) find the code that added the unwanted constraint or constraints and fix it. (Note: If you're seeing NSAutoresizingMaskLayoutConstraints that you don't understand, refer to the documentation for the UIView property translatesAutoresizingMaskIntoConstraints) 
(
    "<NSLayoutConstraint:0x170280a00 H:[UIImageView:0x1701fab00(44)]>",
    "<NSLayoutConstraint:0x170280c80 H:|-(10)-[UIImageView:0x1701fab00]   (Names: '|':UIView:0x1701822f0 )>",
    "<NSLayoutConstraint:0x170280dc0 H:[UIImageView:0x1701fab00]-(10)-[UILabel:0x155e5cd10'detailLbl']>",
    "<NSLayoutConstraint:0x170280e60 H:[UILabel:0x155e5cd10'detailLbl']-(10)-|   (Names: '|':UIView:0x1701822f0 )>",
    "<NSAutoresizingMaskLayoutConstraint:0x17409f180 h=--& v=--& H:[UIView:0x1701822f0(50)]>"
)

Will attempt to recover by breaking constraint 
<NSLayoutConstraint:0x170280a00 H:[UIImageView:0x1701fab00(44)]>

Make a symbolic breakpoint at UIViewAlertForUnsatisfiableConstraints to catch this in the debugger.
The methods in the UIConstraintBasedLayoutDebugging category on UIView listed in <UIKit/UIView.h> may also be helpful.
2014-10-25 18:28:14.280 Air Plan[1579:580797] Unable to simultaneously satisfy constraints.
    Probably at least one of the constraints in the following list is one you don't want. Try this: (1) look at each constraint and try to figure out which you don't expect; (2) find the code that added the unwanted constraint or constraints and fix it. (Note: If you're seeing NSAutoresizingMaskLayoutConstraints that you don't understand, refer to the documentation for the UIView property translatesAutoresizingMaskIntoConstraints) 
(
    "<NSLayoutConstraint:0x170281090 H:[UIImageView:0x1701fae00(44)]>",
    "<NSLayoutConstraint:0x170281310 H:|-(10)-[UIImageView:0x1701fae00]   (Names: '|':UIView:0x170182220 )>",
    "<NSLayoutConstraint:0x1702813b0 H:[UIImageView:0x1701fae00]-(10)-[UILabel:0x155e5d620'titleLbl']>",
    "<NSLayoutConstraint:0x170281400 H:[UILabel:0x155e5d620'titleLbl']-(10)-|   (Names: '|':UIView:0x170182220 )>",
    "<NSAutoresizingMaskLayoutConstraint:0x17409fd60 h=--& v=--& H:[UIView:0x170182220(50)]>"
)

Will attempt to recover by breaking constraint 
<NSLayoutConstraint:0x170281090 H:[UIImageView:0x1701fae00(44)]>

Make a symbolic breakpoint at UIViewAlertForUnsatisfiableConstraints to catch this in the debugger.
The methods in the UIConstraintBasedLayoutDebugging category on UIView listed in <UIKit/UIView.h> may also be helpful.
2014-10-25 18:28:14.282 Air Plan[1579:580797] Unable to simultaneously satisfy constraints.
    Probably at least one of the constraints in the following list is one you don't want. Try this: (1) look at each constraint and try to figure out which you don't expect; (2) find the code that added the unwanted constraint or constraints and fix it. (Note: If you're seeing NSAutoresizingMaskLayoutConstraints that you don't understand, refer to the documentation for the UIView property translatesAutoresizingMaskIntoConstraints) 
(
    "<NSLayoutConstraint:0x170281b80 H:[UIImageView:0x1701fb100(44)]>",
    "<NSLayoutConstraint:0x17409f4a0 H:|-(10)-[UIImageView:0x1701fb100]   (Names: '|':UIView:0x170182150 )>",
    "<NSLayoutConstraint:0x17409f5e0 H:[UIImageView:0x1701fb100]-(10)-[UILabel:0x155d64210'detailLbl']>",
    "<NSLayoutConstraint:0x17409f680 H:[UILabel:0x155d64210'detailLbl']-(10)-|   (Names: '|':UIView:0x170182150 )>",
    "<NSAutoresizingMaskLayoutConstraint:0x1742800f0 h=--& v=--& H:[UIView:0x170182150(50)]>"
)

Will attempt to recover by breaking constraint 
<NSLayoutConstraint:0x170281b80 H:[UIImageView:0x1701fb100(44)]>

Make a symbolic breakpoint at UIViewAlertForUnsatisfiableConstraints to catch this in the debugger.
The methods in the UIConstraintBasedLayoutDebugging category on UIView listed in <UIKit/UIView.h> may also be helpful.