Basically the title. Additional thought: What do you want from tags? You want to know what's in there. That's the very core functionality of tags. The chronological order can be nice, but when a story has 30+ tags it just becomes pure chaos.
I would also like more control over the tags, but i would go with counting them. If i have a milf tag, you will be disappointed if that's what you are looking for, and you find just 3 chapters out of 90 with that tag. But if you see teen (20) milf (1) you will understand that the story is not what you're looking for.
As far as I know, it depends on when it was added because you add tags on chapters (I think?) So at least in tendency the further down it is, the later you can expect to find it. (But then again, it might just be the first in a different branch.) It seems somewhat logical, that they’d just program the site to add the tags onto a list and just spit it out like that again. However, this is just my guess. Could be completely different.
When a chapter of a story gets saved, all tags of active chapters get concatenated. This should happen in the order of the chapter ID, so a chapter that has been created (not published) earlier will have its tags earlier in the list. Then, it takes the first spelling of a tag and discards later spellings of the same tag. (So if you have "Blowjob", "blowjob", "blowJOB", the tag shown in the story will be "Blowjob") That also means that a tag that isn't in any active chapter anymore won't be shown anymore.