As of 2.5-bleeding [6627], there is no way in the default, core WordPress admin screens to edit tag names or slugs. It might also be helpful to delete tags. So, a "Manage Tags" screen, similar to "Manage Categories", would be a useful addition to the core.
As Ryan noted in a short email discussion about this, if someone creates this, it would need to take into consideration that some users have thousands of tags, and be able to handle this situation gracefully.
I might try to work up a patch, if no one else does before-hand.
Parts of this are handled by my (GPL) Advanced Tag Entry plugin on the post edit screen (http://poplarware.com/tagplugin.html), and Christine's Tag Managing Thing (http://www.neato.co.nz/wordpress-things/tag-managing-thing/) does much/all of this as well. I would personally rather see it in core than a plugin, though, and I think Christine has expressed the same opinion on the hackers list; could contact her to see about using her code.