About a month ago, I released FMJ-TagCloud version 1.0.1 with some upgrades of the used tagloud libraries, as well as a few more minor performance improvements and minor bug fixes. See the details about that here.
Now, moving forward, I have been testing some improvements to the caching mechanism alongside the introduction of loading tags asynchronously through XHR, after the page has loaded.
In my initial tests, the combination has helped a lot in minimizing excessive module cache generation, due to changing of the content of the module (if caching for the module is enabled). Those improvements will likely make it into the next minor release. I also have some more ideas on minimizing the load on the server, caused by the module, so that next minor version will probably be released sometime within the next 1-2 months.