Tags are one of the more subtle - albeit massively disruptive - elements of Internet 2.0 or social software (I prefer User-Friendly Web). However, I suspect Technorati's Live 8 tag page will be a very good demonstration...
...of why they are so powerful. Think millions of people from all around the world writing a book on-the-fly about an event as it happens. Just watch the story of the day emerge...
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