Display formatter doesn't use current weights and terms

Steps to reproduce:

1. Create a taxonomy with multiple terms
2. Create content using this taxonomy
3. Notice that taxonomy seems OK on content display page
4. Reorder taxonomy
5. Notice that content display page still displays the old order

Similiarly, if I delete an item from the taxonomy, I am left with an empty bullet point on my content display page. Additionally, views showing content with this empty bullet point show the error message "Notice: Trying to get property of non-object in taxonomy_term_uri() (line 147 of /var/www/drupal7/modules/taxonomy/taxonomy.module)."