Echoing Hierarchical Custom Taxonomies for Custom Post Types

Suppose you have a custom post type with an hierarchical custom taxonomy registered to it. How do we go about echoing children in the taxonomy, as opposed to every term in the taxonomy (or parents, for that matter)? Last I tried, the only function that would return the terms is get_the_term_list, as the normal categories functions only work with default Posts. Will 3.0 have functions to work with custom hierarchical taxonomies?