A new and better plugin, MuTags by MrHenry, is now available on WordPress Mu forums
Because the last version of WordPress-mu is quite new, there is no proper plugin to start using new tag system available with WordPress 2.3 system.
Here is a quick hack I’ve put in wpmu-functions.php to display a proper tag cloud of all blogs, please send me feedback and tell me if you find any bugs:
Code for get_community_tag_cloud()
Copy this funtion in your /wp-include/wpmu-functions.php and then add to your theme:
get_community_tag_cloud($display=true);
For more updates, please follow the Mu Forum thread about this hack.
man this is EXACTLY what i was looking for! you are my savior! all i wanted was a simple cloud of all the tags from my wpmu blogs and everything else was just too much work for something so simple