get_the_terms and get_term retrieve the parent ID amongst the term's data. So you could use that info to build a custom functions that will display the taxonomy tree.
I'm actually working on something similar - will post the code as soon as I have it working and clean ;-D
EDIT : I finally did it... Here is the code to get "topcat -> childcat -> yetchildcat" with link to the taxonomy term page:
$terms = get_the_terms( $post->id, 'portfolio category' );
if ( $terms && ! is_wp_error( $terms ) ) {
foreach ( $terms as $term ) {
$tree = '<a href="'.get_term_link($term->slug, 'portfolio category').'">'.$term->name.'</a>';
$parents = get_ancestors( $term->term_id, 'portfolio category' );
foreach ($parents as $parent) {
$term = get_term($parent, 'portfolio category');
$tree = '<a href="'.get_term_link($term->slug, 'geo').'">'.$term->name.'</a> -> '.$tree;
}
echo $tree;
}
I'm sure it is possible to make better/cleaner code, but it seems to work ;-D