In my experience, the 'trunk/branch/tag' organization is a pretty well-used layout for source control. I've seen it implemented in a number of different organizations using different tools (ClearCase, SVN, CVS, to name a few). The ClearCase setup I currently work with is slightly more sophisticated (convoluted?), but, generally speaking, followed a very similar layout.
Though it's not required in SVN, I would highly recommend becoming accustomed to this type of layout, including merging to/from different branches and the trunk.
For personal projects, I find tagging to be a valuable means of preserving final, immutable releases. Branches are typically reserved for experimental tangents so I won't destroy the most recent (stable) version of my code before reality kicks in.