Seems like a reasonable way to handle it, less clutter is always good. Are we still sticking with 2 tags now? I liked the option to post something to both a broad and specific topic, for example #music and #classical. I trust the community to apply a fitting community tag, and know we are able to suggest that tag when we post, but it seems we lose a little of the ability for a post to cross over into a fitting tag that the submitter didn't think of when they posted. Say I posted to #music and suggested #bach for the community tag. The community may be less likely to change the #bach tag to #classical, as it is a fitting tag, but someone following only #classical would miss it.
Personally, I'd really like to see the number of community tags that can be applied to a post go up the more it is shared. Keep posts at 2 tags starting out, and increase it after x number of shares. This would allow more universally enjoyed posts to show up for more people, while still keeping more niche post in their respective tags.
This post:Poetry's Alive, We Just Call It Rap is a great example, currently it is in #poetry and #music, 2 very fitting tags for it. #Music is a broad tag that many users are aware of, so it is likely to always be chosen by the community as the community tag on posts like this. It has been enjoyed, and has a full hubwheel now. It would be great if the community could add #hiphophubski to it at this point, as followers of that tag would likely find it interesting as well.