Recently I came across an issue, where data from a column of the type "Managed Metadata" did not show up for users. Only the site collection administrators were able to see the content.
Cause:
Users did not have permissions on a hidden list. List is called Hidden Taxonomy List and the url is something like this: http://...SITEURL.../lists/taxonomyhiddenlist
Granting permissions on this list makes the managed metadata accessible to users (who have permissions) on this list. This information comes from the manged metadata store (term store).
Resolution
Browse to the hidden taxonomy list.
Check the permissions of this list and check if users have at least read permissions. Usually, it is preferred to give "NT AUTHORITY\AUTHENTICATED USERS" read permissions on this list.
Update: About a year later, Microsoft has now published a KB article for this issue
Managed Metadata column on a SharePoint 2010 list does not display values added from term store
Users did not have permissions on a hidden list. List is called Hidden Taxonomy List and the url is something like this: http://...SITEURL.../lists/taxonomyhiddenlist
Granting permissions on this list makes the managed metadata accessible to users (who have permissions) on this list. This information comes from the manged metadata store (term store).
Resolution
Browse to the hidden taxonomy list.
Check the permissions of this list and check if users have at least read permissions. Usually, it is preferred to give "NT AUTHORITY\AUTHENTICATED USERS" read permissions on this list.
Update: About a year later, Microsoft has now published a KB article for this issue
Managed Metadata column on a SharePoint 2010 list does not display values added from term store
