I've also been wanting it to be able to include the node type, so that book reviews on the LUV website don't get announced as 'New post'. With thanks to lyricnz on freenode for the right api call and Josh Hesketh for a non-ugly taxonomy fix.
The patch adds !type and !terms as substitution variables.
- !type displays the user-friendly version of the node type
- !terms is a space separated list of taxonomy terms
I guess this blog is the first test. :-)
The latest version of the patch is attached to the issue at http://drupal.org/node/436260