The idea is that I could create a list via the admin pages and be able to use it as a content part (displayed in a drop down for example) as art of a form e.g. registration (like the Country -> Region scenario)
Quote: "The Taxonomies module adds a way to manage taxonomies, and assign them to specific content types, thus allowing content classification and filtering"
So this doesn't seem like an option.
Having related lists and adding/editing list contents (and localising them) via the admin UI would be great. I'm kind of stuck on ideas to get it started...