First - very cool module, thank you!
I'm using MB with Taxonomy Menu to generate menus for the related pages. Links are updated from the menu created by TM - very slick. The issue I have is that all links (parents and children) for a given taxonomy term are exposed in the related menu (set at "levels 2+"). None of the links are set to "Show as expanded", yet the menu is completely expanded (with no way to reduce the depth within the menu).
I have the "Maximum depth" set to maximum because I want users to be able to reach all links...just don't want them to show up all at the same time... ...I'm using the dev version...could that be the problem, or am I missing a setting?