Numbered Outline Format Option

Is there a way to automatically number a Taxonomy based on hierarchy? I realize that for very deep structures this may not work; but for your more horizontal and less deep structures (say only 3-5 levels deep) this would be handy for referencing and in line with the way business work.

Practical example: An organization or project would have overall Goals (level 1), broken down to Objectives (level 2), broken down to Tasks (level 3). The resulting taxonomy would look like this:

> Goal 1.
=> Objective 1.1
==> Task 1.1.1
==> Task 1.1.2
=> Objective 1.2
==> Task 1.2.1
==> Task 1.2.2
> Goal 2.0
=> Objective 2.1
==> Task 2.1.1
==> Task 2.1.2
=> Objective 2.2
==> Task 2.2.1
==> Task 2.2.2

Obviously, when you move an item around you would want the numbers to update. Is this currently possible? Anyone else interested in this?

The same tool could be used for representing organizational structures as well.