Mike,
with
XMP Adobe tried to integrate Asset Metadata in a very scalable and flexible format.
the .net 3.5 wpf classes are capable of Querying and !WRITING! that data (with a few bugs inside), actually GalleryServerPro uses that with .net 3 installed.
With XMP you can use every XMP-aware Application (there are a lot of them) to edit metadata.
For our current project I rewrote Rogers Metadataextraction using the XMP structure to obtain hierarchical data for keywords, different languages and other representation data.
see
Picture Archive.
Classifying media is done in a front-end application like all Adobe CreativeSuite applications or, in that case, Adobe Lightroom.
Tag clouds are just another matter of presenting the already existing metadata. Using .net there's a
Cloud Control, weights for the tags could be derived from the hierahical keyword representation in Lightroom or any other custom idea.
I'm now waiting for a more robust implementation of the WPF classes from Microsoft allowing to write back changed metadata to the assets.
Ralf