My personal notes to: Setup a Managed Meta Data Hub for the SP2010 farm
Create a new web applicationCreate a new user for this (and make sure its in the Managed accounts list with the correct permissions)
Create a new web application & make sure the "Document Sets metadata synchronization" web app. feature is activated (you can find this by managing the web application and choosing "manage features" from the tool bar.always use NTLM to start with to test work and can switch after
Create a new site collection with a template of "Publishing ->publishing Portal"
Create the service application
Create a new "Service Application" from Central Admin->Application Managment->Service Applications->Manage Service applications
Click on the new button on the toolbar and choose "Managed Metadata Service"
Enter the name, SQL server and DB name.
You can either use the IIS Web application pool you created when you setup the web application and site above or create a new one with yet another new user account which has been added to the managed users
For the Content Type Hub use the URL of the site collection you setup above and then click ok.Note: this will not start the Managed Metadata service, and you may see errors in the event log saying that this service is not running on any of the servers in your farm. You need to start the serice seperatly.
You start the service by Central Admin->System Settings->Servers->Manage services on server
Click start next to Managed Metadata Web Service
To check it is working and to manage the content goto Central Admin->Application Management-> Service Applications->manage Service Applications
You will see two entries for the Service, the first is the actual service and the second indented line is a proxy stub.
Click on the first line and choose Manage from the toolbar. This will bring you up the Term Store Mangement Tool where you can manually input Terms or import them using a CSV
Note: you may find errors if you do this straight away as certain timer services need to run to fully impliment this service. Gernerally I would always do an IISReset as well (well it cant hurt!)
Article for next steps setting up content types