How to display content in views with large 4-layer taxonomy term tree filter? To describe my problem more accurately I'll give a simple example of my situation:
I have a categorized content. There are 10 different categories like clothes, cars, lamps etc. Each of them have more child terms(clothes:white,red,black) Each of those has more childs(white: size1, size2 etc). If i put everything under one vocabulary, the term Filter in views gives a very long list of every single term in that vocabulary. That's kind of crappy.

A thing like this would probably solve my problems: http://drupal.org/project/hierarchical_select

However, it's still not available for views. So how do i go about this?

I saw sites with same category trees using just top layer of vocabulary for views filter, and other terms putting as menus above whole content view. For example if Clothes is selected in filter, you see all the relevant content plus menu of White, Red and Black and so on. Maybe it's not exactly the way they do it but i'm trying to figure out what's the best way to solve this.
You can filter by parent term in views; that way you don't have to list every term in the vocabulary.  Also, learn what a contextual filter is and how to use it.  Here's a series of free screencasts on learning how to use Views.