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If this was to be implemented then it should be an option. I prefer the current tag cloud design and I think the suggestion here is ugly in comparison, but that's just my opinion.
I'm not saying no to your suggestion, I'm saying to make it an option if implemented. Some users, myself included, will prefer the tag cloud approach which is also used on other sites including Wordpress blogs. 409 million people view 17.6 billion pages on that platform.