Lately I was assigned with the task to display all terms assigned to a node, grouped by their parent. To better explain this, let's say for example that we have the Vocabulary 1 assigned to Content Type A, with the following terms:
-- term 1
-- term 2
-- term 3
-- term 4
-- term 5
-- term 6
-- term 7
Nodes from Content Type 1 have various terms assigned. For example, node/143 has the following terms assigned: term 2, term 4, and terms 6 & 7.
The following would apply if you wanted to generate nodes according to a specific taxonomy term, but you didn't want to create a different view for each case.
For instance, we have a market place and in the preface region of our theme, we've setup a 3x3 panel, and in each of the 9 dials we want to demonstrate the latest product from a specific category.
We would create a new node type(Product) for our market products, and a taxonomy vocabulary(Product Categories), which we would then asign to the aforementioned node type. Finally, we would create a view with the following options: