Be mindful of the system requirements, this is a resource intensive pair of VHDs.
The SharePoint VHD is set for 5Gb of memory as a default.
The Exchange is set for only 2Gb of RAM, but if you are running on a laptop you may be out of RAM by the time you spin up the SharePoint one.
I personally run a mini lab on a Dell M6400. Plenty of room and RAMÂ

These VHDs are also optimized for Hyper-V, a quick import in Hyper-V Manager and you are up and going.
Ask me if you need assistance in getting these labs up and going.

The two VHD downloads include SharePoint 2010 and Exchange 2010.
This is a great pre-made lab environment for learning or demonstrations.
The VHDs are not activated and will require a key.
Technet, MSDN, or the Action Pack key will work just fine.

The SharePoint VHD includes Office 2010 Beta and Visual Studio 2008.
Also, SharePoint Designer 2010 and SharePoint Workspace 2010 (updated Microsoft Groove).

Link – Microsoft Download

• Configure the new Managed Metadata Service Application
  
• Associate the Managed Metadata Service Application with a Web Application
  
• Manage the Metadata Service by adding your own custom Groups and Term Sets
  
• Import a group into the Enterprise Term Store within the Metadata Service
  
• Utilize the Managed Metadata Service Application within a list
  

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Creating a New Managed Metadata Service Application

1. Open Central Administration by clicking Start | All Programs | Microsoft SharePoint 2010 Products | SharePoint 2010 Central Administration.

2. Under the Application Management section, click Manage Service Applications.

3. In the Ribbon, click New | Managed Metadata Service.
a. For Name, enter Enterprise Term Storeb. For Database Name, enter Metadata_Enterprise_Term_Storec. For Application Pool select Use existing application pool.

f. Click OK.

4. Fill out the Create New Managed Metadata Service page:

d. Choose SharePoint Web Services Default from the drop down.

e. For Content Type hub: enter http://portal.contoso.com.

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Managing the Metadata Service
1. Click on Application Management in the Quick Launch.

2. Under the Service Applications header, click on Manage service applications.

3. In the list of Service Applications, select the first line for Enterprise Term Store. Do not click the link itself – instead, click anywhere in the row to select it.

4. In the Ribbon click Manage:

5. When the page refreshes, click the Enterprise Term Store dropdown on the left and select New Group.

6. Type Pets and press Enter.

7. Click on Pets and from the drop down click New Term Set.

 8. Type Dogs and press Enter.11. Click on Dogs and from the drop down select Create term.12. Type Boxer and press Enter.13. Type German Shepherd and press Enter.14. Type Puggle and press Enter.15. Click on Cats and from the drop down select Create Term.16. Type House Cat and press Enter.17. Type Skinny Cat and press Enter.18. Type Fat Cat and press Enter.

9. Click on Pets and select New Term Set from the dropdown.

10. Type Cats and press Enter.

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Adding a Group by Importing it
1. In the Taxonony Term Store menu on the left, select Enterprise Term Store.

2. In the Properties section of the page, right-click on View a sample import file.

3. Click Save Target As…

4. In the Save As box, click Browse Folders.

5. Choose Desktop and click Save. This will save a sample .csv file to the desktop, which you will use to import terms into the term store.

 6. Click the Enterprise Term Store dropdown in the left pane and click New Group.7. Type Locations and press Enter.

8. Click on Locations and select Import Term Set from the drop down.

9. In the pop up window, click Browse

10. Choose the file ImportTermSet.csv from the Desktop and click Open

11. Click OK

12. Click the arrows to expand the Political Geography section and its term-sets to see all of the Terms that were imported

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Consuming the Terms from a List
1. In the web browser, open http://portal.contoso.com

2. Sign in

3. Click Site Actions | View all site content

4. In the Document Libraries section, click Documents

5. In the Ribbon, click on the Library tab under the Library Tools bar

6. Within the Ribbon, click on Create Column

7. In the Create Column window, enter the following:

a. Column Name = Type of Dog

b. Type = Managed Metadata

c. Scroll down the page and select Use a managed term set:

d. Drill down in the Enterprise Term Store tree and select Dogs

 e. Scroll down and click OK

8. In the Ribbon click the Documents tab.

9. Click Upload Document.

10. Click Browse.

11. Browse to {drive} and select {Document 1.txt} and click Open.

12. Click OK.

13. On the Documents – Document 1.txt screen, look at the Type of Dog field. Click the tag icon to the right of the field.

14. Now you can browse the Dogs portion of the Term Store. Choose a Type of Dog, click Select >>, and click OK.

15. Click Save in the Document – Document 1.txt window to save the document in the Document library.

You have successfully created a Term Store in Central Administration and consumed terms from the term store in a list on the portal site.