Here is a fantastic post on Digital Landfill on Five Myths about Taxonomy and SharePoint. I began to miss SharePoint, so I found this piece not only informative, but realistic regarding what you can and can't expect to do with SharePoint in terms of taxonomy.
The highlights for you, enumerated as follows:
- The term store management tool is not a taxonomy management system. It is called a term store and not the taxonomy manager for a reason.
- It’s important to note the lack of workflow associated with term addition, modification and deletion. Changes to taxonomy in the term store can occur without review or approval, which can lead to repercussions like downstream processes becoming out of alignment.
- Content types should be refelctive of the content itself and therefore not relegated as the sole responsibility of IT because they are not generally the business stakeholders.
- Taking too narrow or too broad a perspective can lead to problems. Just because you are able to create a seven level hierarchy with thirty-thousand terms doesn’t mean that you should.
- In SharePoint, the taxonomy is used throughout the site but terms are managed in the term store for specific usage in content.
Finally, as with many projects that require the organization of information, LIS professionals can play a useful role in creating and managing SharePoint terms, however, it is vitally important to involve team members with a rich understanding of SharePoint's features and limitations and the actual enterprise end users.
