I wasn't getting terms printed, added this function to template.php and there they were

function _phptemplate_variables($hook, $vars = array()) {
  switch ($hook) {
    // Send a new variable, $has_terms, to see wether the current node has any terms
    case 'node':   
      if(count(taxonomy_node_get_terms($vars['node']->nid)))
        $vars['has_terms'] = TRUE;
      else
        $vars['has_terms'] = FALSE;
  }

  return $vars;
}

Thanks for the theme