This is just too cool. Visor is from the people who brought you the wonderous app that is Quicksilver and, while I’ve only been using it for less than a day, It’s made my life that little bit brighter.
Visor basically impliments a “Quake” style terminal dropdown. ^F1 by default toggles the slidie-outie terminal goodness, but it can be assigned any key combo that you desire.
I use the terminal a lot in my day to day work and have a Quicksilver trigger set up for it, but having the window so easily hideable without losing the window’s state is so very handy. I do of course still have a few other terminal windows open, but for the quick’n'dirty commands that need to be run, Visor is indispensible.
Unfortunately, it’s only available for OSX 10.4 and upwards. Those of you still on Panther are missing out.