Neologism as a feature

The last item of the timeline in #1151286: Proposed Timeline for D7 Port is about the way Neologism gets installed on a Drupal site:

We would need to evaluate how the Neologism module works if installed into existing D7 sites and identify any issues. Currently Neologism is built as an installation profile which installs an entire site that provides just a vocabulary editor. There might be some initialization which was previously done during the installation procedure which would now need to be done when the Neologism module is installed into existing sites. We need to make sure there are no issues faced when the module is installed or reinstalled into existing D7 sites.

The popular features module is Drupal community's answer to these kinds of problems, and should solve most (if not all) of the issues above. From the features project page: "A feature is a collection of Drupal entities which taken together satisfy a certain use-case". This approach is used by all the major Drupal distros like Open Atrium, COD, Drupal Commons, ProsePoint, etc. See previous discussion on the topic on googlecode.