There is not yet a definitive set of tags but hopefully such a list will form over the next few months. As adding support for new tags is often trivial the problem lies much more in defining what tags there should be than in actually implementing them. The following are based on version 0.2 of Sable as described in http://www.cstr.ed.ac.uk/projects/sable_spec2.html, though some aspects are not currently supported in this implementation. Further updates will be announces through the Sable mailing list.
LANGUAGEID
attribute.  Valid values in Festival are, english,
en1, spanish, en, and others depending
on your particular installation. 
For example
     <LANGUAGE id="english"> ... </LANGUAGE>
If the language isn't supported by the particualr installation of
Festival "Some text in .." is said instead and the section is
ommitted. 
SPEAKERNAME which takes values
male1, male2, female1,  etc.  There
is currently no definition about what happens when a voice is selected
which the synthesizer doesn't support.  An example is
     <SPEAKER name="male1"> ... </SPEAKER>
AUDIO          My telephone number is
          <AUDIO SRC="http://www.cstr.ed.ac.uk/~awb/sounds/touchtone.2.au"/>
          <AUDIO SRC="http://www.cstr.ed.ac.uk/~awb/sounds/touchtone.7.au"/>
          <AUDIO SRC="http://www.cstr.ed.ac.uk/~awb/sounds/touchtone.8.au"/>
          <AUDIO SRC="http://www.cstr.ed.ac.uk/~awb/sounds/touchtone.7.au"/>.
     MARKERMARK
attribute is printed.  This is done some when that piece
of text is analyzed. not when it is played.  To use
this in any real application would require changes to this tags
implementation.
     Move the <MARKER MARK="mouse" /> mouse to the top.
BREAKLEVEL.  Strength may be values
Large, Medium, Small or a number.  Note that
this this tag is an empty tag and must include the closing part
within itsefl specification.
     <BREAK LEVEL="LARGE"/>
DIVTYPE attribute may be specified but it is ignored
by Festival. 
PRONIPA for an IPA specification (not
currently supported by Festival); SUB text to be substituted
which can be in some form of phonetic spelling, and ORIGIN where
the linguistic origin of the enclosed text may be identified to assist
in etymologically sensitive letter to sound rules.
     <PRON SUB="toe maa toe">tomato</PRON>
SAYASMODE cand take any of the following a values: literal,
date, time, phone, net, postal,
currency, math, fraction, measure,
ordinal, cardinal, or name.  Further specification
of type for dates (MDY, DMY etc) may be speficied through the
MODETYPE attribute.
               As a test of marked-up numbers. Here we have
          a year <SAYAS MODE="date">1998</SAYAS>,
          an ordinal <SAYAS MODE="ordinal">1998</SAYAS>,
          a cardinal <SAYAS MODE="cardinal">1998</SAYAS>,
          a literal <SAYAS MODE="literal">1998</SAYAS>,
          and phone number <SAYAS MODE="phone">1998</SAYAS>.
     EMPHLEVEL
attribute may be specified but its value is currently
ignored by Festival (besides the emphasis Festival generates
isn't very good anyway).
               The leaders of <EMPH>Denmark</EMPH> and <EMPH>India</EMPH> meet on
          Friday.
     PITCH          Without his penguin, <PITCH BASE="-20%"> which he left at home, </PITCH>
          he could not enter the restaurant.
     RATEThe address is <RATE SPEED="-40%"> 10 Main Street </RATE>.
VOLUME          Please speak more <VOLUME LEVEL="loud">loudly</VOLUME>, except
          when I ask you to speak <VOLUME LEVEL="quiet">in a quiet voice</VOLUME>.
     ENGINE          An example is <ENGINE ID="festival" DATA="our own festival speech
          synthesizer"> the festival speech synthesizer</ENGINE> or
          the Bell Labs speech synthesizer.
     These tags may change in name but they cover the aspects of speech mark up that we wish to express. Later additions and changes to these are expected.
See the files festival/examples/example.sable and festival/examples/example2.sable for working examples.
Note the definition of Sable is on going and there are likely to be later more complete implementations of sable for Festival as independent releases consult url://www.cstr.ed.ac.uk/projects/sable.html for the most recent updates.