hmm, I haven't tested this theory but it seems to me that there is a cap on how much threat Taunt will give you. (It could also be a debuff that i dont' read.)
For instance, I was MT on VoA the other day and when i got picked up and tossed as you know my threat went down to 0.
Now when i taunted i got the 3 second fixate and was generating threat back but i still only had 2-300k threat compared to the 6-700k threat that the OT had. I had to also blow Righteous Defense to gain only another 2-300k threat I was still short by a few 100k threat so Taunt again and then i finally got sustained aggro.
Maybe i'm just stupid and i've never read this anywhere or there is a cap on the threat taunt will generate.
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