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teaperson writes "Clay Shirky of NYU writes on Corante about how "folksonomies" (taxonomies created by social networks, like del.icio.us or flickr will often work better (and alongside) controlled vocabularies, because the costs are so much lower -- and non-librarians will use them BECAUSE the costs are lower."
We've run something on this before as well. Be sure to read Louis Rosenfeld's Take as well as Adam Mathes. Do folksonomies mean the end of cataloging as we know it?