Well, if you setup a custom post type, then you have tags (or categories) specific to THAT custom post type only.

So if I make a "Products" post type, I can create a custom taxonomy for cat/tags for 'Products.' I can even set a permalink to be domain.com/products/post-title.

All that would be created in functions.php.

http://sixrevisions.com/wordpress/wo...t-types-guide/
http://wptheming.com/2010/08/how-to-...tom-post-type/
http://wptheming.com/2010/08/custom-...for-post-type/