Folksonomy is when people attribute tags to information they find for the purposes of retrieval.
Taxonomy is when information is tagged using controlled vocabularies by information professionals.
The benefits of folksonomy is that it is more relevant to the individual user and uses current terminology that feels more natural to the user.
The benefits of taxonomy is that it is organised and efficient for many users.
I feel like there is a place for both and finding this combination and respecting both is important.
I can't believe that one of the all time most popular tags on Flickr is "raw".
I also can't believe that Wikipedia has only one paid staff throughout the world. Truly remarkable.