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Metadata is very important - Everyone agrees. However, there is some discussion when it comes to how to develop metadata and also how to ensure that the metadata is accurate. Taxonomies are limited vocabularies (a set number of items) where each term has a predefined definition. A folksonomy is a vocabulary where people, usually users of data, assign their own useful words or metadata to an item. Folksonomies are like taxonomies in that they are both sets but are unlike taxonomies in the sense that they are an open set where taxonomies are closed sets.
An example of a taxonomy might be the colors of a traffic light: Red, Yellow, and Green. If this were a folksonomy people might suggest also the colors of Amber, Orange, Blue-Green and Blue. These additional terms may be accurate to some viewers of traffic lights or in some cases but they do not fit the stereo-typical model for what are the colors of traffic lights.