The reputation requirement for creating a tag is only 300 (150 as long as the site is in beta), and retagging other people's posts comes at 500 (200 in beta, and everyone can suggest an edit now). We already have 114 users who can create tags and add them to a question without supervision. On the other beta sites where I've participated, the community has proved effective at creating tags as required.
I'm not even convinced we'll end up having that many low-use tags compared to other sites. For example sites like Super User and Unix and Linux have a lot of tags for applications that very few people ask about.
Having a minimum participation requirement before creating tags is a good thing for consistency. If the tag creation requirements are too low we increase the risk of author name spelling variants coming up and the like.
TL,DR: I think the normal tag creation rules are fine.