Please share your thoughts weather it is good or not to have tag cloud on the page. I am not sure because it is <h1><h2><h3> trick without sense for the user, but affects the search engine crawlers.
in fact it has more sense for the user than for anyone else, because it serves convenience of the user. As for the SEO meaning of a tag cloud - it's basically internal links. They help google determine the importance of your pages within your site and as a result might appear as additional results on a SERP.
In my blogs I have good results from tag clouds, fast indexing and better results, specially in google.