Taxonomy import via csv? Is there a way to quickly create taxonomy categories by importing a csv file?

If so would it preserve any hierarchical relationships? 

I've explored the taxonomy_csv project just not totally sure if it does what i wanted.
this is a Module Drupal 6 to import nodes from CSV, but acording their description, you can import taxonomy with its hierarchy: http://drupal.org/project/node_import

to Drupal 7 exist an alternative: Feeds http://drupal.org/project/feeds