I haven't tryed to do it yet, but my plan is that I would create a map of the dependent values to their related list, then every time something is selected in the controlling list,  I would update the dependent list with the new subset.  Not elegant, or easy to maintain, but all I can think of to address this need.

Maybe you  could post your code if you get something working?

My issue with coding is that, i am not able to read the Controlling field's value, I mean,

List A         List B

Val 1           B Val 1

                  B Val 2

Val 2           B Val 3

                  B Val 4

                  B Val 5

No in above example, my issue is I can read values in both the picklists, but HOW CAN i get the List B's values on the basis of selection in List A's value? I could not achieve that, so I'm stuck :(

Just did a quick google search and found this article,

Might help us both:

http://wiki.apexdevnet.com/index.php/Extended_Functionality_of_Visualforce_-_Part_1

Yes already tried that, but if you havn't noticed then on PAGE 2 of this article its code uses 2 DIFFERENT objects to populate the 2 different Dropdown, so its simply a population of values using a QUERY which ran on 2 objects having picklist fields, but not on ONE object with 2 picklist fields with Controlling field set for one of them :(