Using Hierarchical Taxonomy w/ Views Arguments

Lets get together and discuss the ins and outs of building hierarchical taxonomies, and then using those taxonomies to display our categorized content, filtered by the taxonomy-path views URL arguments.

A case study: A store site that sells Apparel, Electronics, and Books. Under apparel, we've got Men's and Women's clothing, and under each of those, we've got Shirts, Pants, and Shoes. Here's a visual of the taxonomy:

Apparel
-Men's
-Women's
--Shirts
--Pants
--Shoes
Electronics
-TVs
--LCD
--Plazma
--CRT
Books
-- You get the idea...

How do we build out a view that will display all of our nodes categorized as Apparel->Men's->Shirts at the given URL: www.store.com/apparel/mens/shirts/ ?

Please... if you're a Views' arguments/taxonomy 'guru' we're DYING to have you in this BOF! Share your knowledge with us!