When to use list(text) or taxonomy? This may be a silly question, but I'm curious what the benefit is of using a list (text) multiple select field over a taxonomy term reference field. They both seem to fill roughly the same function of giving predetermined multiple choice options, but taxonomy has the added benefit of allowing you to add terms after content has been written to the database.

So is there any good guideline for one to use one or the other? (And particularly when list(text) makes more sense than taxonomy term reference?).
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.