Nice, someone’s gone and created the perfect pill for even the most serious case of Mac OS X Terminal envy…
I give you: Console2 !
It's got dang near everything I could ever want to configure... somebody really loves their command shells mmm hmmm 😛
Only little nit pick I can come up with is that I think the Mac actually allows you to set the transparency of the just the background... so that the text and the outer frame still look crisp and solid.