That project was posted here: http://rungoterminal.com/
This, however, is executed and presented much better than that other project, and catered towards the correct crowd (web developers using Mac OS X). Although I would never use either, I think that it just goes to show that presentation is extremely important: these two terminal emulators could very well be the exact same implementation (or at least very similar), and far less people would use it because they've chosen the wrong demographic.
Also because of the clean presentation, it creates a perception that HyperTerm is executed more cleanly than Rungo Terminal, even if there are no facts to back that belief.