visor

Remember that cool terminal in Quake that dropped from the top of the screen? Yeah, that was cool. Thanks to a thread at Ars Technica, the maker of Quicksilver has whipped up a quickie drop-down terminal app for Mac OS X: Visor. Follow the directions on the wiki (keeping in mind that once Visor is installed, it’ll show up in your menu items — that threw me for a couple seconds); and for extra style points, use one of these fantastic Quartz Composer graphics as a terminal background courtesy of zugakousaku.com.
~jeff
very cool, but if I have to have Terminal running anyway, I might as well just click on it, instead of using some esoteric hotkey to activate it. Now if someone makes it run without Terminal being open, I just may use it.
I use the Terminal Widget. You can have a couple open at once and it’s always just an F12 away.