I've created a module (my first) that I have started using called "mypage". Every user can select the taxonomy terms he/she reads, and then they are combined into one page which can be accessed at "?q=mypage/view". This lets you provide users with a "personal" page.
Under the covers, all the module does is create a "taxonomy/view/or/1,3,7,16" page. However, the user's subscriptions are saved in the database and therefore get persisted.
Additionally, the simpler URL makes sense to unsophisticated users who don't know anything about taxonomies.
There are two pages total... "build my page" and "view my page". The "build" page displays all taxonomies and terms in a tree, with a checkbox next to each. The user simply checks the ones he/she wants and the selections get saved. The "view" page looks up the chosen terms and creates a customized page.
The module also allows customized RSS feeds. Since feeds are requested by users who aren't logged in, getting a feed requires a username in the URL: "?q=mypage/feed/jsmith"
It seems this would work best for intranet sites or sites with mostly internal users. A marketing employee in Los Angeles wants to see nodes related to marketing and Los Angeles, but does not want to see all the nodes directed to the finance department, or the Chicago sales staff. This person may also want to receive info about the company's softball team but not its wine-tasting club. This module makes that type of filtering very easy.