Mass add terms and any additional fields (e.g. description)

Is it possible to mass add terms and their descriptions, or any other additional field for that term?

I'd like to paste in something like this:

term1|description1
term2|description2
term3|description3
term4|description4
term5|description5
term6|description6

... and thereby import terms and their descriptions in bulk.

The same feature was discussed here for D6: http://drupal.org/node/676300