How would you migrate a large list of (taxonomy) vocabulary list?
I have never used it quite for this purpose, but the Feeds module will import from CSV files and can create taxonomy terms.  The Drupal 7 version still says it is alpha status, but I have been using it for a while now without any real problems with CSV files.  

Just make sure your CSV is UTF-8 clean, otherwise you may get some obscure SQL errors if your data has characters with diacriticals, etc.