When to use list(text) or taxonomy?
Structure and dynamic are IMO the keywords for choosing taxonomy.
I recently had this question come to me when tagging companies with geographical regions. My first choice was to prepare taxonomy with list of regions. Soon it turned out to be over-complication. The regions almost never change their names and almost never change their structure/parents. So I tossed out the taxonomy and decided to use a flat List (Text). It's now also much easier to maneuver the regions in a View. So - if your list is static and flat - go for a list.