Pros of the current icon:
- Clear connection between the name / functionality of the application and it's icon.
- Not memorable
- Not colorful enough
- doesn't stick out on the dock.
Please feel free to also come up with ideas that do not "look" like a tag, like the current icon does. It would be good to have some kind of connection to what the app does, but it is more important that it is memorable.
It is not necessary to have the word Tags in the icon!