Get taxonomy links in WordPress for a custom post type and custom taxonomy, similar to get_the_category_list() or get_the_term_list() but is a bit smarter about separators.

taxonomy-links.php

<?php if ( 'post_type' == get_post_type() ) :
	$term_list = get_the_terms( $post->ID, 'custom_taxonomy' ); // get the taxonomy terms
	if ( count($term_list) > 2 ) { // if there are more than 2 terms, use a comma, e.g.: this, this, that
		$sep = __( ', ', 'textdomain' );
	} elseif ( count($term_list) === 2 ) { // if there are EXACTLY 2 terms, use an "and", e.g.: this and that
		$sep = __( ' and ', 'textdomain' );
	} else { // there there is only one (or no) terms, don't use anything
		$sep = null;
	}
	$sep_num = 1; // we'll use this as a counter later
	?>
	<span class="cat-links">
		<?php
		_e( 'Filed in ', 'textdomain' );
		foreach ( $term_list as $term ) {
			echo '<a href="' . get_term_link( $term->slug, 'custom_taxonomy' ) . '">' . $term->name . '</a>'; // echo the term
			if ( $sep_num < count($term_list) ) { // if the counter is less than the number of terms, use a seperator
				if ( count($term_list) - $sep_num == 1 ) { // if the difference between the two is down to 1, this is the last term, so use an "and", e.g.: this, this and that
					_e( ' and ', 'textdomain' );
					$sep_num++;
				} else { // otherwise, keep using the default separator
					echo $sep;
					$sep_num++;
				}
			}
		}
		?>
	</span>
<?php endif; // End if 'post_type' == get_post_type() ?>