I am not able to reproduce an issue with the classifications.
TaxonomyId - sets the ID of the taxonomy used by control
If CategoryType(Gets or sets the type of the content that taxonomy control is going to display.) is null then the control gets FieldName property. You can use Telerik.Sitefinity.GenericContent.Model.ContentItem for Content type.
Sitefinity 4.0 is planned for official release in October or November of this year (2010). We are planning one more preview release (the RC – release candidate) before the final release. During the RC release, we will also announce the Sitefinity licensing & pricing changes.
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