Considering Content Types and Managed Metadata are two difference ways to add metadata to items I am having difficulty understanding how these two features play together. It seems to me many of the metadata tags and content type fields could be the same leading to users using one or the other.
For instance, If I have a Content Type field for managing legal contracts I would define a content type for "Contract" which contains fields like the type of contract. So a user would select "Employment" for the contract type when adding it to a library.
Likewise I could use a Managed Meta tag like "Employment Contract" to do the same.
Are Managed Meta and Content types mutually exclusive? Do you use one feature over the other or both at the same time.
Thanks for the help!