Add items with select list? (like Taxonomy Other)

First, thanks for an awesome module! I've used both taxonomy and CCK for categorization, so it's awesome to have the power of both simultaneously.

I've used Taxonomy Other extensively, as I love the simplicity and control of select lists, but there's always a need for the occasional new term to be created. It's extremely handy to create it on the spot, instead of going into the taxonomy edit pages.

Is there any way to have a similar functionality on a content taxonomy field, or perhaps tie into Taxonomy Other's functionality?