Yes, that said @Erica, there is still potential for a dashboard-like feature. Say you searched for a particular tag like #project. It would generate search results like FlatFlowy, where each item linked back to its original position. You could still manually order those in a separate space without necessarily messing with their original hierarchies.
Related to this would be an option to change tags in search results, and hide notes to make it easier to scan them.
(I wrote this before the @Alex_Moss post which does seem to suggest something similar.)