I'm implementing a document library and trying to distinguish the use of managed meta data or lists with lookup values. The first one can be centrally defined, gives clarity of relationships and is consistent. On the other hand, lists seems to work better for users and can contain one or more content types.
The question is what to use for a document library with 20K+ documents associated with 10K project numbers and 1K contacts? Do I store the contacts/projects in lists or use use managed meta data?