Child- Parent Relationship - Hierarchal Taxonomy Facet

This is a feature that may or may not exist and I just don't know it.
I like how multiple taxonomy vocabularies can be used as different search facets. However, it would have significantly more search power if certain facets could be made to be hierarchal and to a specific user-inputted depth (one child, 2 child). For instance, let's say I have three vocabularies to use as facets, location, project type and price.

Location Vocabulary:
Parent 1 term: USA
Children terms: Texas, New York, Colorado
Children of Texas term: Houston, Dallas, Amarillo
Parent 2 term: Finland

Project Type Vocabulary:
Terms: Mineral Production, Refinery, Sales

Price Vocabulary:
Terms: Above a million, Below a million, Negotiable

The ideal facets and display of the information above would allow the project type and price vocabularies to be used simply as categories and the location to be used as hierarchal categories. For instance, on the guided search block, only the countries would show with the project type and price facets. Then, if one country is selected, any children terms, states would show up on the results page on the guided search block. Also, the count feature of the faceted search would need to be changed, since as it stands right now, it counts a term listed as a child of a parent, only as a child and not consisting of the parent's category.

In the instance of the location vocabulary, it displays in my installation as follows:

USA (2)
Texas(1)
New York (5)
Houston (3)

When really, if they were all displayed at the same time, it should ideally show as:

USA (11)
Texas(4)
New York (5)
Houston(3)

And really ideally, the first page should only show:
USA (11)
Upon being clicked, it changes to:
Texas(4)
New York(5)
Upon Texas being clicked, the option changes to:
Houston(3)

Any ideas, comments?