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?).