I've just seen that LJ has changed the way multi-word tags are linked. Before, they had a + between the words, now they have a space. For example, my bookmark to
pandarus's Firefly and Sandman universe crossover (it's good - read it!) was like this:
http://pandarus.livejournal.com/tag/endless+moments , which now gives the error message "Sorry, one or more specified tags do not exist." If I instead change my bookmark to read:
http://pandarus.livejournal.com/tag/endless%20moments (where %20 stands for space), it will give me the right tag page.
If you have any multi-word tags bookmarked, it would be probably be good to change them.