Beyond tags, it has been discussed that users would also benefit from some form of Folder/Group/Project level organization of objects. This has been initally proposed as single-level non-hierarchical, but I also see benefit in hierarchical organization.
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Erik shared a useful link which describes how one can use tags as folders:
http://blog.simpy.com/blojsom/blog/?permalink=Common-Concerns-About-Tags-Mimicking-Folders.html