A few years ago it sites would get penalised for hiding tags as this was used by some -often dodgy- sites to cheat their search rankings (eg lots of hidden text about popular search items to direct people to an anti-virus scam page).
So then Google started giving heavy precedence to larger text (this also puts emphasis on titles), which lead to some CMSs having a "tag cloud" where tags are meshed together with more relevant / popular search items being in a larger font than less relevant / popular tags.
I think Google has moved on again since then and now detects if keywords appear in a natural sentence or if it's an artificial cloud of tags designed purely for SEO - but I could be wrong there. However this is the sort of detail I would have expected / hoped an article with "SEO" in the title* to comment on.
* Article's title rather than the HN submission title.