Hi,
very old discussion but answering mostley so I can find the answer myself next time I need it :-)
It looks like you can't update the specific Managed Metadata field directly, but the field has a corresponding hidden text field that shoud be updated instead. Below is my Managed Metadata field
<Field Type="TaxonomyFieldType" DisplayName="Agreement Type" List="{eb6ead69-5667-49ba-bae7-0f58cfd6aeb6}" WebId="571eaa16-011c-46c8-9f50-ff9e62756d9b" ShowField="Term1033" Required="FALSE" EnforceUniqueValues="FALSE" Group="Custom Columns" ID="{ba1d5078-44cc-4703-9a12-7d80166ccdbe}" SourceID="{571eaa16-011c-46c8-9f50-ff9e62756d9b}" StaticName="Agreement_x0020_Type" Name="Agreement_x0020_Type" Version="5" ColName="int3" RowOrdinal="0" Indexed="TRUE">
Based on this field ID, {ba1d5078-44cc-4703-9a12-7d80166ccdbe} the name of the hidden field is generated: ba1d507844cc47039a127d80166ccdbe
<Field Type="Note" DisplayName="Agreement Type_0" StaticName="ba1d507844cc47039a127d80166ccdbe" Name="ba1d507844cc47039a127d80166ccdbe" ID="{4f95bfc5-db67-4b34-bbf9-cd1052f1dd82}" ShowInViewForms="FALSE" Required="FALSE" Hidden="TRUE" CanToggleHidden="TRUE" SourceID="{571eaa16-011c-46c8-9f50-ff9e62756d9b}" Customization="" ColName="ntext2" RowOrdinal="0" />
Updating this field will lead to an update in the Manage Metadata field. The IdForTerm used is found in the [site url]/Lists/TaxonomyHiddenList/AllItems.aspx list described above. Example below
$().SPServices({ operation: "UpdateListItems", batchCmd: "Update", listName: "Record Library", ID: 13, valuepairs: [["ba1d507844cc47039a127d80166ccdbe", 'Agreement type 1|dc3eb298-4f46-41ca-a662-e3a273b04cdf']], completefunc: function (xData, Status) { $("#tex").val(xData.responseText); } });
/Fredrik