Tag search isn't anything new in the Web 2.0 space, but there's something to be said for making a good idea faster and more comprehensive. (*cough Google cough*) Comprehensive is definitely where Tagbulb is headed, if their existing list of search targets is any sign. Photos, videos, books, blogs, jobs, podcasts, social bookmarks, goals... and now events.
The interface seems to be entirely AJAX, which when combined with really simple design actually manages to be snappy. (I've tried portal-style sites recently that load like a herd of elephants, but I digress.) I can think of a thousand directions they might go, so it'll be interesting to see how they develop.