My experience is the this does not work well. Lots of intermingled vocabularies get mixed up and precise searching becomes impossible.
Peterme points to a terrific essay by Adam Mathes titled "Folksonomies - Cooperative Classification and Communication Through Shared Metadata" and sparks a discussion of whether "folksonomy" is a good or right term for the sort of thing that del.icio.us does. I happen to think it's a keeper, but I also like Kirk Scott's "tagsonomy."
[Joho the Blog]
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