That's actually the point - there may be small fixes added to a module haphazardly, but for whatever reason no 'stable' tag is created because it's not seen as having significant enough work added into it (or that there's no tagging process in play).
On the other hand, for a module that has lots of development (something like sapphire or cms), the length of time between tags means there could be quite a high number of changes that make an update more likely to be problematic. sapphire and cms aren't too bad when it comes to tagging, with it normally being about 6-8 weeks between stable tags.
Isn't the whole point of version numbers meant to convey to users whether there are 'significant' updates in a release? Taking SilverStripe's major.minor.micro structure
Major - There may be fundamental underlying repository changes, requiring development time to upgrade codebases - modules will probably break nastily.
Minor - Most things will probably work but there will likely be new features to take advantage of. New apis and functionality will likely have backwards compatibility worked into things to limit the impact for end users, but there might be some code breaking
Micro - Should mostly be a case of applying the update and running dev/build, no big new features, largely bug fixes.
It's not a particular module really - it's something I'm thinking of from a maintenance point of view for managing the client codebases we have. If I have a script that can go into each project, see which version of a module it's using, check what the current latest stable version is from the remote repository (or central module management repo), then alert me that it's different, doesn't help as much if it's running only against commit ids.
And because I'm just as guilty of not tagging modules as regularly as I could through forgetfulness or "I want to add more stuff in before doing so" and never getting around to doing so. A simple script that I run monthly that will automatically scan my github repositories for changes since the previous tag is relatively simple to write. I'd imagine manually managing the process would be a little bit more of an overhead and make the process a little more painful.
Marcus