It would be handy to be able to edit tags right from viewing an object.
For examples, I use notes for tracking things like RFIs, submittals and such to the architects. I start the note when I receive something from a subcontractor and mark it with a "pending" tag.
I use comments to update the status, like "submitted to architcect", "recieved back, change as noted" or whatever. Then when it's finished up, I change the tag from pending to "closed".
I dunno, maybe it's a minor thing, but having a "edit" button along with the list of tags might be handy for doing quick changes... sort of along the lines of the add a link setup.