Hierarchical permalinks for custom post type and taxonomy

I have registered the custom post type “word” and the custom taxonomy “wordcat”.
Now what I want is proper hierarchical permalinks. So I’ve been searching the web for quite some time with no result.
No matter what I try I can’t get WORKING hierarchical permalinks. WordPress won’t find the post page.

Here is my code :

Custom Post Type

function create_word_post_types() {
$args = array(
            'labels'    => $labels,
            'public'    => true,
            'menu_position' => 25,
            'rewrite'   => array( 'slug' => 'word/%wordcat%'),
            'query_var' => true,
            'supports'  => array( 
                           'title', 
                           'editor',  
                           'thumbnail',
                           'excerpt',
                           'revisions'
                           ),
            'has_archive'   => false
            );
    register_post_type( 'word', $args );
}
add_action( 'init', 'create_word_post_types' );

Custom Taxonomy

function word_taxonomy() {
$args = array(
    'labels' => $labels,
    'hierarchical' => true,
    'query_var' => true,
    'rewrite' => array( 'hierarchical' => true, 'slug' => 'word')
);
register_taxonomy( 'word-categories', 'word', $args );
}
add_action( 'init', 'word_taxonomy', 0 );

Rewrite rules
based on this link:
How to create a permalink structure with custom taxonomies and custom post types like base-name/parent-tax/child-tax/custom-post-type-name

add_filter('rewrite_rules_array', 'mmp_rewrite_rules');

function mmp_rewrite_rules($rules) {
    $newRules  = array();
    $newRules['word/(.+)/(.+)/(.+)/(.+)/?$'] = 'index.php?word=$matches[4]';
    $newRules['word/(.+)/?$']                = 'index.php?word-categories=$matches[1]'; 

    return array_merge($newRules, $rules);
}

function filter_post_type_link($link, $post)
{
    if ($post->post_type != 'word')
        return $link;

    if ($cats = get_the_terms($post->ID, 'word-categories'))
    {
        $link = str_replace('%wordcat%', get_taxonomy_parents(array_pop($cats)->term_id, 'word-categories', false, '/', true), $link);
    }
    return $link;
}
add_filter('post_type_link', 'filter_post_type_link', 10, 2);

function get_taxonomy_parents($id, $taxonomy, $link = false, $separator = '/', $nicename = false, $visited = array()) {    
    $chain = '';   
    $parent = &get_term($id, $taxonomy);

    if (is_wp_error($parent)) {
        return $parent;
    }

    if ($nicename)    
        $name = $parent -> slug;        
else    
        $name = $parent -> name;

    if ($parent -> parent && ($parent -> parent != $parent -> term_id) && !in_array($parent -> parent, $visited)) {    
        $visited[] = $parent -> parent;    
        $chain .= get_taxonomy_parents($parent -> parent, $taxonomy, $link, $separator, $nicename, $visited);

    }

    if ($link) {
        // nothing, can't get this working :(
    } else    
        $chain .= $name . $separator;    
    return $chain;    
}

The result looks correct :
www.mysite.com/word/adjective/annoying/
but doesn’t display the post. Instead i get the dreaded 404 error.