drupal 7 How can I allow my users to flag/ subscribe to taxonomy terms and nodes?

We all know that the Flags module helps with flagging nodes. But how can we flag taxonomy terms? So 开发者_开发技巧when new nodes use one of those taxonomy terms as a 'tag', everyone who has subscribed or flagged that term,can find out about it!

Taxonomy terms are fieldable in Drupal 7, and according to this post in the issue queue for the Flag Terms module (Drupal 6 only), you can attach flags to taxonomy terms using said fields.