While we're on the subject of cool Terminal apps, I want to mention GLTerminal:

http://ldopa.net/2006/01/14/glterminal/

If you haven't heard about it, it's not much, except for the fact that you can make it look super old-school (amber text, screen curvature, and even flicker!). The only problem that I have with it is the fact that it won't save your preferences, so you have to reset the renderer every time you start it.

-Ryan