Update : RC1 is out in installable form  - http://theebgar.net/2009/taxonomy-extension-rc1/

I am happy to announce the beta release of Taoxnomy Extension for Joomla! 1.6 here.

The code can be downloaded from : http://labs.joomla.org/svn/labs/playground/people/garthee/trunk

And demo is available at : http://gsoc.theebgar.net http://demo.theebgar.net/gsoc2009

But you would probably want to go through this slideshow to get some insight into this.

Taxonomy