It also makes it very clear that a "Follow" = a Label, not an addition to a Folder.
At least, to me.
Yes! We are also using labels/tags for categorizing and folders for organizing/ordering/structuring.
Discussion
Yes, it's an attribute of something already existing.
Lists are when you take a bundle of similar things and slap one big label on them because you're too lazy to give them each a label. And then you're limited by how many things can go into this bundle, and changing any item in the bundle means you have to issue all of them a new label, which is retarded.