Trusted Users can now edit tags on stories. Hopefully this will allow tag spam to be wiped out, edit out mistakes and misspellings, and otherwise collectively prune and maintain the site's folksonomy.
Now that the tagging implementation is complete we can focus on building site tools to use those tags. Like tag-based sorting of recent diaries (which is next on the list).
Update [2005-10-11 18:23:3 by ct]: If you look to the side of your screen, at the recent diaries box, you can now either sort recent diaries by time (the default) or by a tag, which will bring up the recent diaries with that tag, up to the limit you've already defined.