Deciding between (CCK) Fields and Taxonomy for a list of options. Pros and cons?
This is my personal opinion:

Use taxonomy terms is you might need to change them later, re-arrange them, add or remove (yes remove, bad, but ok), share them between content types and have a page per each listing all the content that have it and also provide an RSS feed of the same.

Use options list or CKK option list is you know for sure the options will never change, if you need to have a key-value configuration if you want to share them between content types, but don't want to have listing pages of the content that have it. Also fields can have grain level permissions and don't generate RSS feeds.