Yep

Another thing I forgot to mention... Unlike keywords, you don't have to own the item to tag it. Anybody can tag any item they want.
However, make sure you check to see if there are any similar tags before adding new ones (when adding tags to a specific item through the Edit Tags interface, you can click on "Popular Tags" to see a list of existing tags and add those tags to the item).
The bulk thing is actually a feature I installed a few weeks ago and forgot to mention - it lets you change titles, descriptions, etc. for multiple images at once (click "Bulk Edit"

).