Need:
While working with content management, more often we realise that a particular piece of content (list item, document, web page) can be categorized in many ways - its location in site hierarchy is just one way of classifying it. This is where metadata comes in.
Having metadata helps immensely in locating content through search (and wd also enable you to have the cool metadata cloud webpart in one of ur pages )
Soln:
In specific cases we have provided metadata for document libraries/lists by adding aptly named columns of type single line of text or choice columns. But for larger (more serious) sites, there is a need for consistent metadata across content in various repositories.
In 2007 this could be achieved by having a central list in the root site where the metadata values are stored and the various list/document repositories could lookup to it (OOB it may not be straight forward but there are ways to lookup a list/column across site without resorting to codeplex/3rd party solns)
In 2010 - managed metadata services allows you to define farm wide custom metadata groups and termsets - see pic below
(microfinance domain metadata - very basic)
Once we define these termsets and the hierarchy of terms, we can edit the doc library/list repository to have a new column of type "managed metadata" that picks the terms from the termset we have created (a bit like lookup column in 2007). Here is an example of a page with metadata custom column
Step by step instructions to create this termsets and to add the column to repositories will be part of another post. Here i just wanted to intro this feature.
One sure possibility is the availability of industry specific (and widely agreed) termsets for different domains - you can find some here http://www.layer2.de/en/products/Pages/SharePoint-2010-Taxonomy-Metadata.aspx which shall be imported to our environment.
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