If you don't like the word "Taxonomy", or "Node", or "Tree", or don't want the CP navigation item - then there are some useful config overrides for you.

Disable the Taxonomy CP Navigation

$config['disable_taxonomy_cp_nav'] = 1;

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Language config overrides

Updating the language file is the traditional way of replacing key terms around the cp, but that means with Taxonomy you'd need to keep re-introducing your changes for each version. I've made some of the key terms used in the module overridable by your system config file.

Here is a full example which you can copy/paste to test all the available options in the CP.

$config['taxonomy_label']		= 'Menus';
$config['taxonomy_tree_label']		= 'Menu';
$config['taxonomy_trees_label']		= 'Menus';
$config['taxonomy_add_node_label']	= 'Add an item';
$config['taxonomy_node_label']		= 'Item';
$config['taxonomy_nodes_label']		= 'Items';
$config['taxonomy_nav_label']		= 'Menus';