It really has! If you haven't seen, new!delicious is displaying tag pages this way now, but unfortunately there's no way to view (a) whose tags you're seeing or (b) the notes on any of the bookmarks. Both of those would be necessary features of the collapsed view, I feel, from a fic-finding perspective.
Off-topic, but:
Date: 30 Sep 2011 10:01 pm (UTC)