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Incoming Search Terms plugins

Does anyone have or is working on a incoming search terms plugin? I think it would be very good for SEO reasons. If nobody is working on it, I will hack something together.
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Yes, please and can you document it in the Wiki too please? :-)
If you do it right, I see connections with the tagging plugin (tag cloud) too
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@Underdog,
Yeah, I was actually thinking of adding auto-tags based on incoming search terms. That way, I won't have to reinvent much.
My view is that collect the data, but hand pick the terms that pass.
Automating this produces a lot a false positives, which causes people bounce for you pages, and general dissatisfaction.
However if what you have is already a content farm, then knock yourself out.
grep is your friend.
@x00,
Point well taken! In that case, we should keep it separate from Tagging.
By incoming search I though you were talking incoming from search engines, as in anaylitics.
grep is your friend.