My Next Question:
Are Content Types with 10 columns better or just create the columns and then use the ones you want in each library?
Still not sure about this one.
What I am trying to achieve is the ability to display a Document under different circumstances.
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For Example: Cash Sale Policy
DocCategory = Policy (P)
Department = Channel Operations
Operations = Furniture Retail
Functional Area = Manage Sales and Marketing
Sales LifeCycle = Sales
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So by having all this information I can display this document on a Sales LifeCycle Page etc. This goes for all my documents.
I have created a Content Type with 12 columns.
Regards
Andrew
Andrew, I am sending a blog I wrote tackling part of this process and I would second what Pat said as well.  Content types help you group your metadata.  If you have metadata that is the same for all your documents but differs by say DocCategory or Sales LifeCycle, then you could create one content type and have the user select the DocCategory or Sales LifeCycle they needed.Â
Then to display the documents accordingly you could simply create a data view web part for library or use the content search web part to display the content types you need. Â Just from your example you wouldn’t need multiple content types but rather one content type sorted/displayed by the metadata column you chose.
Here is the blog I wrote:Â http://summit7systems.com/sharepoint-site-columns-and-content-types/ Â
Hope that helps…
