Via Ad Lab comes a link to Wordle, which they describe as an "artsy tag cloud". More than just a tag cloud, it seems to be doing some basic term frequency analysis of the posts. Nothing too sophisticated (does not use stemming or similar linguistic tools) but the visualization is pretty cool.
Here's what it found from a few recent Content Matters posts:
And here's another variation, using my delicious tags.
Wordle doesn't offer navigation capabilities, but it might make for a cool t-shirt design...