I encountered a weird behavior that normal user cannot view the content of a list column with Managed Metadata type. I made sure the user can read the Managed metadata from Central Admin and even give user the permission to edit the list, user can edit the item and select the data from the metadata store but once the item saved, user can no longer see the data in the managed metadata column. User can also export the list content to Excel and all columns data will be available.

Spending fair amount of time and could not figure that out and customer even opened a PSS ticket … thanks to my co-worker Jerry Orman to point me to the following link:

http://social.msdn.microsoft.com/Forums/en-US/sharepoint2010general/thread/8aa21e00-92ef-4069-87ce-5893e43e1312

Which contains the exactly solution for us:

All the taxonomy items at the site collection level are stored in a hidden list called Taxonomy Hidden List, it is accessible by browsing http://servername/sitecollectionname/Lists/TaxonomyHiddenList.

One possible cause for this issue is that users don’t have appropriate permission to this list. Please check the permission for this list making sure that NT AUTHORITY\Authenticated Users domain group has Read permission level to this taxonomy list. 

Based on my test, if NT AUTHORITY\Authenticated Users domain group had been removed from the site groups list, it removes this group from permissions on the hidden taxonomy list.

My customer did remove the NT_Authority\Authenticated Users from the SharePoint when tightening the security.