Is taxonomy a good choice for managing Code Lists, instead of creating tables of their own? I have a project where there is a set of code lists (code/label), Airport codes for example.

I am hesitating between creating my own tables, with two columns code/label and using Taxonomy (fieldable \o/ )
Any suggestions ?
Since there isn't anything common between codes and labels, I think you should create your own table.

Also see How to Decide Between Using Taxonomy Terms and a CCK Field