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Users Cannot See Managed Metadata Column Values in SharePoint 2010
The scenario is that normal users are unable to see the values assigned to Managed Metadata columns or Enterprise Keywords in Lists or Libraries. However, Site Collection Administrators are able to see the values. If a normal user is promoted to a Site Collection Administrator, they are then able to see the column values.
This behavior is most likely caused by the permissions having been changed on the hidden List "TaxonomyHiddenList." This List essentially caches managed terms and keywords for fast retrieval, rather than having to also query against the Managed Metadata database(s).
To access the List, point your browser to:<site collection url>/Lists/TaxonomyHiddenList/Access the permissions for the List, and add "NT AUTHORITY\Authenticated Users" with Read access. This is the default setting, along with the System Account having Full Control access.

If you test your Lists and Libraries again, normal users should now be able to see the Managed Metadata and Enterprise Keyword values.