Hi Elliot, I may have found a bug with Taxonomy Term location rules.
When I select ‘Taxonomy Term’, the subsequent select updates as expected (although it used to list taxonomies by name and by slug?). However when I select the relevant taxonomy and save, the location reverts to ‘Post Taxonomy’ and ‘Uncategorized’.
Prior to ACF5, I used the ‘Taxonomy Term’ location to put custom fields on the add/edit term form for the given taxonomy – I’m assuming this is the intended use. I check just because I’m confused by the use of the name ‘Taxonomy Term’ as opposed to ‘Taxonomy’.