Recognizing synonyms and semantic connections is something that humans are good at; a solution to organizing an open-ended taxonomy like what SO is featuring would probably be well served by finding a way to leave the matching to humans.
One general approach: someone (or some team) reviews new tags on a daily basis. New synonyms are added to synonym groups. Searches hit synonym groups (or, more nuanced, hit either literal matches or synonym group matches according to user preference).
This requires support for synonym groups on the back end (work for the dev team). It requires a tag wrangler or ten (work for the principals or for trusted users). It doesn't require constant scaling, though—the rate at which the total tag pool grows will likely (after the initial Here Comes Everybody bump of the open beta) will in all likelihood decrease over time, as any organic lexicon's growth-rate does.
Synonymy strikes me as the go-to issue. Hierarchical mapping is an ambitious and more complicated issue; it may be worth it or it may not be, but given the relative complexity of defining the hierarchy it'd probably be better left as a Phase 2 to any potential synonym project's Phase 1.