diff --git a/src/applications/project/xaction/PhabricatorProjectSlugsTransaction.php b/src/applications/project/xaction/PhabricatorProjectSlugsTransaction.php
index d442c39a76..e1f22b3746 100644
--- a/src/applications/project/xaction/PhabricatorProjectSlugsTransaction.php
+++ b/src/applications/project/xaction/PhabricatorProjectSlugsTransaction.php
@@ -1,164 +1,174 @@
 <?php
 
 final class PhabricatorProjectSlugsTransaction
   extends PhabricatorProjectTransactionType {
 
   const TRANSACTIONTYPE = 'project:slugs';
 
   public function generateOldValue($object) {
     $slugs = $object->getSlugs();
     $slugs = mpull($slugs, 'getSlug', 'getSlug');
     unset($slugs[$object->getPrimarySlug()]);
     return array_keys($slugs);
   }
 
   public function generateNewValue($object, $value) {
     return $this->getEditor()->normalizeSlugs($value);
   }
 
   public function applyInternalEffects($object, $value) {
     return;
   }
 
   public function applyExternalEffects($object, $value) {
    $old = $this->getOldValue();
    $new = $value;
    $add = array_diff($new, $old);
    $rem = array_diff($old, $new);
 
    foreach ($add as $slug) {
      $this->getEditor()->addSlug($object, $slug, true);
    }
 
    $this->getEditor()->removeSlugs($object, $rem);
   }
 
   public function getTitle() {
     $old = $this->getOldValue();
     $new = $this->getNewValue();
 
     $add = array_diff($new, $old);
     $rem = array_diff($old, $new);
 
+    $add = $this->renderHashtags($add);
+    $rem = $this->renderHashtags($rem);
+
     if ($add && $rem) {
       return pht(
         '%s changed project hashtag(s), added %d: %s; removed %d: %s.',
         $this->renderAuthor(),
         count($add),
-        $this->renderSlugList($add),
+        $this->renderValueList($add),
         count($rem),
-        $this->renderSlugList($rem));
+        $this->renderValueList($rem));
     } else if ($add) {
       return pht(
         '%s added %d project hashtag(s): %s.',
         $this->renderAuthor(),
         count($add),
-        $this->renderSlugList($add));
+        $this->renderValueList($add));
     } else if ($rem) {
         return pht(
           '%s removed %d project hashtag(s): %s.',
           $this->renderAuthor(),
           count($rem),
-          $this->renderSlugList($rem));
+          $this->renderValueList($rem));
     }
   }
 
   public function getTitleForFeed() {
     $old = $this->getOldValue();
     $new = $this->getNewValue();
 
     $add = array_diff($new, $old);
     $rem = array_diff($old, $new);
 
+    $add = $this->renderHashtags($add);
+    $rem = $this->renderHashtags($rem);
+
     if ($add && $rem) {
       return pht(
         '%s changed %s hashtag(s), added %d: %s; removed %d: %s.',
         $this->renderAuthor(),
         $this->renderObject(),
         count($add),
-        $this->renderSlugList($add),
+        $this->renderValueList($add),
         count($rem),
-        $this->renderSlugList($rem));
+        $this->renderValueList($rem));
     } else if ($add) {
       return pht(
         '%s added %d %s hashtag(s): %s.',
         $this->renderAuthor(),
         count($add),
         $this->renderObject(),
-        $this->renderSlugList($add));
+        $this->renderValueList($add));
     } else if ($rem) {
       return pht(
         '%s removed %d %s hashtag(s): %s.',
         $this->renderAuthor(),
         count($rem),
         $this->renderObject(),
-        $this->renderSlugList($rem));
+        $this->renderValueList($rem));
     }
   }
 
   public function getIcon() {
     return 'fa-tag';
   }
 
   public function validateTransactions($object, array $xactions) {
     $errors = array();
 
     if (!$xactions) {
       return $errors;
     }
 
     $slug_xaction = last($xactions);
 
     $new = $slug_xaction->getNewValue();
 
     $invalid = array();
     foreach ($new as $slug) {
       if (!PhabricatorSlug::isValidProjectSlug($slug)) {
         $invalid[] = $slug;
       }
     }
 
     if ($invalid) {
       $errors[] = $this->newInvalidError(
         pht(
           'Hashtags must contain at least one letter or number. %s '.
           'project hashtag(s) are invalid: %s.',
           phutil_count($invalid),
           implode(', ', $invalid)));
 
       return $errors;
     }
 
     $new = $this->getEditor()->normalizeSlugs($new);
 
     if ($new) {
       $slugs_used_already = id(new PhabricatorProjectSlug())
         ->loadAllWhere('slug IN (%Ls)', $new);
     } else {
       // The project doesn't have any extra slugs.
       $slugs_used_already = array();
     }
 
     $slugs_used_already = mgroup($slugs_used_already, 'getProjectPHID');
     foreach ($slugs_used_already as $project_phid => $used_slugs) {
       if ($project_phid == $object->getPHID()) {
         continue;
       }
 
       $used_slug_strs = mpull($used_slugs, 'getSlug');
 
       $errors[] = $this->newInvalidError(
         pht(
           '%s project hashtag(s) are already used by other projects: %s.',
           phutil_count($used_slug_strs),
           implode(', ', $used_slug_strs)));
     }
 
     return $errors;
   }
 
-  private function renderSlugList($slugs) {
-    return implode(', ', $slugs);
+  private function renderHashtags(array $tags) {
+    $result = array();
+    foreach ($tags as $tag) {
+      $result[] = '#'.$tag;
+    }
+    return $result;
   }
 
 }
diff --git a/src/applications/transactions/storage/PhabricatorModularTransactionType.php b/src/applications/transactions/storage/PhabricatorModularTransactionType.php
index 8a56e8e8ce..128b5c7c19 100644
--- a/src/applications/transactions/storage/PhabricatorModularTransactionType.php
+++ b/src/applications/transactions/storage/PhabricatorModularTransactionType.php
@@ -1,322 +1,335 @@
 <?php
 
 abstract class PhabricatorModularTransactionType
   extends Phobject {
 
   private $storage;
   private $viewer;
   private $editor;
 
   final public function getTransactionTypeConstant() {
     return $this->getPhobjectClassConstant('TRANSACTIONTYPE');
   }
 
   public function generateOldValue($object) {
     throw new PhutilMethodNotImplementedException();
   }
 
   public function generateNewValue($object, $value) {
     return $value;
   }
 
   public function validateTransactions($object, array $xactions) {
     return array();
   }
 
   public function willApplyTransactions($object, array $xactions) {
     return;
   }
 
   public function applyInternalEffects($object, $value) {
     return;
   }
 
   public function applyExternalEffects($object, $value) {
     return;
   }
 
   public function getTransactionHasEffect($object, $old, $new) {
     return ($old !== $new);
   }
 
   public function extractFilePHIDs($object, $value) {
     return array();
   }
 
   public function shouldHide() {
     return false;
   }
 
   public function getIcon() {
     return null;
   }
 
   public function getTitle() {
     return null;
   }
 
   public function getTitleForFeed() {
     return null;
   }
 
   public function getActionName() {
     return null;
   }
 
   public function getActionStrength() {
     return null;
   }
 
   public function getColor() {
     return null;
   }
 
   public function hasChangeDetailView() {
     return false;
   }
 
   public function newChangeDetailView() {
     return null;
   }
 
   public function getMailDiffSectionHeader() {
     return pht('EDIT DETAILS');
   }
 
   public function newRemarkupChanges() {
     return array();
   }
 
   public function mergeTransactions(
     $object,
     PhabricatorApplicationTransaction $u,
     PhabricatorApplicationTransaction $v) {
     return null;
   }
 
   final public function setStorage(
     PhabricatorApplicationTransaction $xaction) {
     $this->storage = $xaction;
     return $this;
   }
 
   private function getStorage() {
     return $this->storage;
   }
 
   final public function setViewer(PhabricatorUser $viewer) {
     $this->viewer = $viewer;
     return $this;
   }
 
   final protected function getViewer() {
     return $this->viewer;
   }
 
   final public function getActor() {
     return $this->getEditor()->getActor();
   }
 
   final public function getActingAsPHID() {
     return $this->getEditor()->getActingAsPHID();
   }
 
   final public function setEditor(
     PhabricatorApplicationTransactionEditor $editor) {
     $this->editor = $editor;
     return $this;
   }
 
   final protected function getEditor() {
     if (!$this->editor) {
       throw new PhutilInvalidStateException('setEditor');
     }
     return $this->editor;
   }
 
   final protected function getAuthorPHID() {
     return $this->getStorage()->getAuthorPHID();
   }
 
   final protected function getObjectPHID() {
     return $this->getStorage()->getObjectPHID();
   }
 
   final protected function getObject() {
     return $this->getStorage()->getObject();
   }
 
   final protected function getOldValue() {
     return $this->getStorage()->getOldValue();
   }
 
   final protected function getNewValue() {
     return $this->getStorage()->getNewValue();
   }
 
   final protected function renderAuthor() {
     $author_phid = $this->getAuthorPHID();
     return $this->getStorage()->renderHandleLink($author_phid);
   }
 
   final protected function renderObject() {
     $object_phid = $this->getObjectPHID();
     return $this->getStorage()->renderHandleLink($object_phid);
   }
 
   final protected function renderHandle($phid) {
     $viewer = $this->getViewer();
     $display = $viewer->renderHandle($phid);
 
     if ($this->isTextMode()) {
       $display->setAsText(true);
     }
 
     return $display;
   }
 
   final protected function renderOldHandle() {
     return $this->renderHandle($this->getOldValue());
   }
 
   final protected function renderNewHandle() {
     return $this->renderHandle($this->getNewValue());
   }
 
   final protected function renderHandleList(array $phids) {
     $viewer = $this->getViewer();
     $display = $viewer->renderHandleList($phids)
       ->setAsInline(true);
 
     if ($this->isTextMode()) {
       $display->setAsText(true);
     }
 
     return $display;
   }
 
   final protected function renderValue($value) {
     if ($this->isTextMode()) {
       return sprintf('"%s"', $value);
     }
 
     return phutil_tag(
       'span',
       array(
         'class' => 'phui-timeline-value',
       ),
       $value);
   }
 
+  final protected function renderValueList(array $values) {
+    $result = array();
+    foreach ($values as $value) {
+      $result[] = $this->renderValue($value);
+    }
+
+    if ($this->isTextMode()) {
+      return implode(', ', $result);
+    }
+
+    return phutil_implode_html(', ', $result);
+  }
+
   final protected function renderOldValue() {
     return $this->renderValue($this->getOldValue());
   }
 
   final protected function renderNewValue() {
     return $this->renderValue($this->getNewValue());
   }
 
   final protected function renderDate($epoch) {
     $viewer = $this->getViewer();
 
     // We accept either epoch timestamps or dictionaries describing a
     // PhutilCalendarDateTime.
     if (is_array($epoch)) {
       $datetime = PhutilCalendarAbsoluteDateTime::newFromDictionary($epoch)
         ->setViewerTimezone($viewer->getTimezoneIdentifier());
 
       $all_day = $datetime->getIsAllDay();
 
       $epoch = $datetime->getEpoch();
     } else {
       $all_day = false;
     }
 
     if ($all_day) {
       $display = phabricator_date($epoch, $viewer);
     } else if ($this->isRenderingTargetExternal()) {
       // When rendering to text, we explicitly render the offset from UTC to
       // provide context to the date: the mail may be generating with the
       // server's settings, or the user may later refer back to it after
       // changing timezones.
 
       $display = phabricator_datetimezone($epoch, $viewer);
     } else {
       $display = phabricator_datetime($epoch, $viewer);
     }
 
     return $this->renderValue($display);
   }
 
   final protected function renderOldDate() {
     return $this->renderDate($this->getOldValue());
   }
 
   final protected function renderNewDate() {
     return $this->renderDate($this->getNewValue());
   }
 
   final protected function newError($title, $message, $xaction = null) {
     return new PhabricatorApplicationTransactionValidationError(
       $this->getTransactionTypeConstant(),
       $title,
       $message,
       $xaction);
   }
 
   final protected function newRequiredError($message, $xaction = null) {
     return $this->newError(pht('Required'), $message, $xaction)
       ->setIsMissingFieldError(true);
   }
 
   final protected function newInvalidError($message, $xaction = null) {
     return $this->newError(pht('Invalid'), $message, $xaction);
   }
 
   final protected function isNewObject() {
     return $this->getEditor()->getIsNewObject();
   }
 
   final protected function isEmptyTextTransaction($value, array $xactions) {
     foreach ($xactions as $xaction) {
       $value = $xaction->getNewValue();
     }
 
     return !strlen($value);
   }
 
   /**
    * When rendering to external targets (Email/Asana/etc), we need to include
    * more information that users can't obtain later.
    */
   final protected function isRenderingTargetExternal() {
     // Right now, this is our best proxy for this:
     return $this->isTextMode();
     // "TARGET_TEXT" means "EMail" and "TARGET_HTML" means "Web".
   }
 
   final protected function isTextMode() {
     $target = $this->getStorage()->getRenderingTarget();
     return ($target == PhabricatorApplicationTransaction::TARGET_TEXT);
   }
 
   final protected function newRemarkupChange() {
     return id(new PhabricatorTransactionRemarkupChange())
       ->setTransaction($this->getStorage());
   }
 
   final protected function isCreateTransaction() {
     return $this->getStorage()->getIsCreateTransaction();
   }
 
   final protected function getPHIDList(array $old, array $new) {
     $editor = $this->getEditor();
 
     return $editor->getPHIDList($old, $new);
   }
 
   public function getMetadataValue($key, $default = null) {
     return $this->getStorage()->getMetadataValue($key, $default);
   }
 
 }