Well, branching is pretty much open, since there's several different kinds of branches, the naming of them can be very different.
It's worth remembering what source control gives you. Tag names are not just "v1.4", it's "/CashCowProject/tags/v1.4". Naming a tag "/CashCowProject/tags/CashCowProject-v1.4" is a little redundant, what else would it be?
Revision control also gives you full access to dates and times that tags were created.
Revision control also gives you commit messages which you should be making use of, particularly the first line.
Given all this information, it's not difficult to pull together a simple view giving you all the information you need, coming from consistent and appropriate sources, such as:
CashCowProject
v1.4 - 26 March 2009 : With Added whizzbang (more)
v1.3 - 13 February 2009 : Best graphics! (more)
v1.2 - 01 January 2009 : Upgraded security (more)
The only thing that the tag name is really useful for here is the version number. If you're trying to put all the information into a tag name, it's a little wordy and I bet it won't look as good.