I think people do forget about referencing nodes. If I have a project where I have a central object like a community for example. It will be a node and all things that attach to that node will be node referenced. If taxonomies were used, and this has been done too much in the past at my company, you would have to check off the term in the community and in the related items. More checking less efficient.

If I have a number of content types need to be connected to a category than taxonomies win out.

My point is I do think node referencing first taxonomies second. View modes are wonderful in 7 for taxonomies and nodes for that matter.

Long live options! I don't care if they are in the core or contrib as long as options are available I will keep on loving drupal and the community that supports it!