[wp-hackers] Synchronizing Custom Taxonomies with Custom Post Types?

[Mike Schinkel]

Has anyone worked with synchronizing custom taxonomies with custom post types?

I need to use a custom taxonomy to associate with a custom post type so that I can relate instances of the two custom post types in a many-to-many relationship and so I can use the taxonomy selector widget in the admin for existing UI.  Basically I want to hide the taxonomy management functionality in the admin (I've already written the code to do this) and then create and maintain the term each time I insert or update it's associated post.  Also, I'm sure I'll need some "helper" functions and/or hooks written to support external use of this integration.

With custom post types I'll bet this will emerge to be a common use-case so I was wondering if anyone has already done this? If so would you be willing to share the code so I and others don't have to write it from scratch?  

Thanks in advance.

-Mike