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...Summary:
I want more control if you are going to have this feature let me add my own values and use it or not use it if I want to.
Rename what records are called for each level - To rename what each record in a List view is called (i.e. "Task" vs. "Record") use the customized terminology feature.
Reasons why I like it:
I like it because it is useful to see the context change for each record in each table based on what kind of record is contained in it.
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Reasons why I don't like it:
I don't like it because I don't have control over what I call records I don't want to pick from a pre-built list I want at least to add my own value and not be forced to use the list that I am given.
I use field names that really help me identify what table I am using and if I can't use the unique field name that I create then it makes it hard to know what field is being used.
What do I do if I have two tables where the records are called the same thing how can you tell them apart?