Is it possible to mass add terms and their descriptions, or any other additional field for that term?

I'd like to paste in something like this:

term1|description1
term2|description2
term3|description3
term4|description4
term5|description5
term6|description6

... and thereby import terms and their descriptions in bulk.

The same feature was discussed here for D6: http://drupal.org/node/676300