On the 15tags blog today, there's a look at creating a tagcloud for your site, complete with a demo and the source for the project.
I should have done anything but creating this demo, but I took the time and did it anyway. So here it goes: A demo of the tagcloud script I wrote, in action. If you want to influence the tagcloud you can do this by writing down a comment on this post.
They demonstrate the tool with a simple cloud (made up of common words) and included support for Unicode characters. The cloud in the post changes based on the comments made on the post.
You can grab the source here.