There is on major thing that I've considered would be an awesome addition to a system like this: automatic tagging from the metadata. It'd be awesome if my movies automatically got tagged by, say, resolution and length, so I wouldn't have to bother with such things.
But then what advantage would this system have over a dedicated media manager or the several semantic desktop projects? The only advantage I see is allowing traditional tools (unix utilities, conventional file managers, even 'open file' popups) to take advantage of the system without any extra effort on their side. Though wouldn't dedicated tools, say a full blown semantic desktop, allow for much better integration and usability?
Maybe this implies ground for a semantic server, but I'm inclined to think that Samba (or your favourite mostly-transparent sharing protocol) on top of a tag-based system is actually a good and way to accomplish this particular use case.
That's a pretty big advantage.
Instead of having operators like AND be path components, I would have the path separator itself be an and operator, or use & and | to just make logical expressions. As long as you're throwing out the hierarchy, you may as well throw out the hierarchical syntax.