I decided to play around with Managed MetaData Service today. On trying to open the properties page through Central Admin, I came across this error:
The Managed Metadata Service or Connection is currently not available. The Application Pool or Managed Metadata Web Service may not have been started. Please Contact your Administrator.
To resolove, I had to apply the hot fix KB976462 and restart my machine.
My first Hot Fix for SP2010 :-) . Its actually a hotfix for the .NET Framework 3.5 Service Pack 1 and a prerequisite for SharePoint 2010 beta.
I am now able to view the Term Store Managemet Tool, and this should allow me to move ahead with my exploration.